Turkey’s economy contracted 9.9% year-on-year in the second quarter of this year, the country’s statistical authority announced Monday.
Gross domestic product (GDP) at current prices amounted to 1.04 trillion Turkish liras ($153.18 billion) in the April-June period, according to the Turkish Statistical Institute (TurkStat).
ALMOST ALL COUNTRIES’ GDP POSTED DECREASED
During the second quarter of the year, several economies — including Turkey — faced economic difficulties due to the measures to stem the coronavirus pandemic, such as lockdowns and travel restrictions.
“Seasonally and calendar adjusted GDP with chain linked volume index decreased by 11% compared with previous quarter,” the institute said.
In light of the activities constituting gross domestic product, TurkStat said, the value added increased 4% in the agricultural sector year-on-year in the second quarter. The services — wholesale and retail trade, transport, storage, accommodation and food service activities — and industry sectors’ value added went down 25% and 16.5% on a yearly basis.
During the pandemic period, almost all countries’ GDP posted decreases, such as GDP has narrowed by 10.9% in the Organization for Economic Cooperation and Development (OECD) area in the second quarter of 2020 on an annual basis.