NEWS ECONOMY NEWS        31/05/2019

Turkey’s economy contracted by 2.6% in the first quarter of 2019

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%.

Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate drops to 9.26% in September 2019       Turkey’s unemployment rate jumps up to 13.9% in July 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019