News on Turkey

Turkish economy grows 5.2 percent year-on-year in Q2

The Turkish economy grew 5.2 percent year-on-year in the second quarter of 2018, the country's statistical authority announced Monday.

The Q2 growth rate puts it at the top of the list of the Organisation for Economic Co-operation and Development (OECD) members and second among European countries who have announced their annual growth performances for the second quarter.

The Turkish Statistical Institute (TurkStat) noted that gross domestic product (GDP) at current prices totaled 884 billion Turkish liras ($204.3 billion) in the April-June period, a 20.4 percent increase year-on-year.

Second quarter GDP expanded a seasonally and calendar-adjusted 0.9 percent from the previous quarter, TurkStat data showed.

The total value added of the industrial sector increased 4.3 percent year-on-year and construction sector rose 0.8 percent. The added value of the services sector – which is comprised of trade, transport, accommodation and food service activities – increased by 8.0 percent. The total value added of the agricultural sector fell 1.5 percent in the second quarter year-on-year.

Household consumption expenditures increased by 6.3 percent year-on-year in the second quarter of 2018.

The final consumption expenditures of the state rose 7.2 percent, while gross fixed capital formation increased by 3.9 percent.

Exports of goods and services increased by 4.5 percent year-on-year and imports rose 0.3 percent in the second quarter.

Workforce payments increased by 19.4 percent year-on-year, while net operating margin rose by 19.4 percent.

The share of labor force payment in the gross added value decreased to 36.0 percent from 36.5 percent the previous year. Net operating margin share dropped to 46.1 percent from 46.8 percent.

Official data showed that the Turkish economy's growth rates were 11.5 percent in the third quarter last year, 7.3 percent in the last quarter of 2017, and 7.3 percent in the first quarter of this year.

Turkey's economy has recorded seven consecutive quarters of growth, since a quarter of decline following the failed coup attempt of July 2016.

Last Friday, the EU's statistical office Eurostat announced that the EU economy grew by 2.1 percent year-on-year in the April-June period.

Malta (5.7 percent), Poland (5 percent) and Hungary (4.6 percent) showed the top growth performances in the second quarter.

In the same period, Denmark recorded the lowest figure with 0.6 percent annual growth, while Italy and the U.K. saw 1.2 percent and 1.3 percent growth in their economies, respectively.

On Monday, TurkStat also announced that Turkey's independent annual GDP increased by 7.4 percent in 2017.

TurkStat stated that GDP by production approach rose by 19.1 percent year-on-year in 2017, and reached 3.1 trillion Turkish liras at current prices -- approximately $850 billion.

"In 2017, the manufacturing industry had the largest share [in GDP] with 17.6 percent," it said. "Manufacturing industry was followed by wholesale and retail trade and construction industry with 11.9 percent and 8.6 percent, respectively."

The institute noted that services of households as employers had the lowest share in GDP.

"The GDP per capita in 2017 was 38,680 Turkish liras and $10,602 at current prices," TurkStat added.

According to the Turkish Central Bank, the average U.S. dollar/Turkish lira exchange rate was 3.65 last year.

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