According to figures prepared by the Turkish Statistical Institute (TÜİK – TurkStat), Turkey’s gross domestic product (GDP) fell by 2.6% in the first quarter of 2019 compared with the same period of the previous year. The on-going economic recession is likely to continue until at least the end of this year, and an overall contraction of at least 3% is expected for the year as a whole.
TurkStat reported that the first quarter’s gross domestic product (GDP) at current prices was TL 915 billion (USD 170.4 billion). On a sectoral basis, the construction sector contracted by 10.9%. the industrial sector contracted by 4.3%, and the trade, transport, housing and food sectors contracted by 4%, whilst the agricultural sector increased by 2.5%.