Turkey’s economy grew 5.9% in Q4 2020 poster I Investing.co



I Investing.co – Turkey’s economy in the 4th quarter of 2020. Turkey’s economy grew 4.5% in the first quarter of 2020, contracted by 9.9% in Q2 due to quarantine created by the pandemic, 3. quarter grew 6.7%. In the last quarter of the year, there was a growth of 5.9% and the year 2020 was closed with a positive growth rate of 1.8% with the last quarter. The annual income per capita was 60,537 TL, and it was 8 thousand 599 dollars in terms of US dollars.

According to the Periodic Gross Domestic Product report announced by TURKSTAT today;

According to the production method, the annual GDP obtained with the total of four periods increased by 1.8% in 2020 compared to the previous year, as a chained volume index (2009 = 100).

According to the production method, GDP at current prices increased by 16.8% in 2020 compared to the previous year and reached 5 trillion 47 billion 909 million TL.

Gross Domestic Product per capita was 60 thousand 537 TL in 2020. In 2020, GDP per capita was calculated as 60,537 TL at current prices, and 8 5 thousand 99 in US dollars.

When the activities that make up the GDP are examined; As the chained volume index in 2020 compared to the previous year; total added value of finance and insurance activities 21.4%, information and communication activities 13.7%, agriculture sector 4.8%, public administration, education, human health and social service activities 2.8%, real estate activities 2.6% other service activities increased 2.5% and industry 2.0%. Vocational, administrative and support service activities decreased by 5.2%, services by 4.3%, and the construction sector by 3.5%.

First estimate of GDP for the fourth quarter; As a chained volume index, it increased by 5.9% in the fourth quarter of 2020 compared to the same quarter of the previous year. Seasonally and calendar adjusted GDP chained volume index increased by 1.7% compared to the previous quarter.

Seasonally and calendar adjusted GDP chained volume index increased by 1.7% compared to the previous quarter. Calendar adjusted GDP chained volume index increased by 5.8% in the fourth quarter of 2020 compared to the same quarter of the previous year.

Gross Domestic Product estimation by production method increased by 26.2% in the fourth quarter of 2020 compared to the same quarter of the previous year and reached 1 trillion 524 billion 788 million TL. The fourth quarter value of GDP was 191 billion 633 million in US dollar terms at current prices.

Final consumption expenditures of resident households increased by 3.2% in 2020 compared to the previous year’s chained volume index. The share of household consumption expenditures in GDP was 56.4%.

Final consumption expenditures of resident households increased by 8.2% in the fourth quarter of 2020 compared to the same quarter of the previous year as a chained volume index. The state’s final consumption expenditure increased by 6.6% and gross fixed capital formation increased by 10.3%.

In 2020, imports of goods and services increased by 7.4% and exports decreased by 15.4% compared to the previous year’s chained volume index. Exports of goods and services remained the same in the fourth quarter of 2020 compared to the same quarter of the previous year, while imports increased by 2.5%.

Labor payments increased by 9.6% in 2020, while net operating surplus / mixed income increased by 20.2%. Labor payments increased by 12.2% and net operating surplus / mixed income increased by 32.0% in the fourth quarter of 2020 compared to the same quarter of the previous year.

While the share of labor payments in Gross Value Added at current prices was 34.8% last year, this ratio was 33.0% in 2020. The share of net operating surplus / mixed income increased from 47.5% to 49.4%.

Author: Necdet Erginsoy

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