Turkey’s Gross Domestic Product (GDP) rises by 6.7% in Q3

Turkey’s Gross Domestic Product (GDP) rises by 6.7% in Q3

Gross Domestic Product (GDP) increased by 6.7% in the third quarter of 2020, Turkish Statistical Institute announced in statement on Monday.

According to the statement, GDP with chain linked volume index (2009=100) increased by 6.7% compared with the same quarter of the previous year in the third quarter of 2020.

Financial and insurance activities increased by 41.1% in the third quarter of 2020

When the activities which constitute gross domestic product were analyzed; the value added increased by 41.1% in financial and insurance activities, 15.0% in information and communication, 8.0% in industry, 6.4% in construction sector, 6.2% in agriculture, 6.0% in other service activities, 2.8% in real estate activities, 2.4% in public administration, education, human health and social work activities, 0.8% in services. Professional, administrative and support service activities decreased by 4.5%.

Seasonally and calendar adjusted GDP with chain linked volume index (2009=100) increased by 15.6% compared with previous quarter. Calendar adjusted GDP with chain linked volume index (2009=100) increased by 6.5% compared with the same quarter of the previous year in the third quarter of 2020.

GDP reached 1 trillion 419 billion 483 million TRY at current prices in the third quarter of 2020

GDP increased by 22.6% and reached 1 trillion 419 billion 483 million TRY at current prices. GDP realized 197 billion 377 million US Dollars in the third quarter of 2020.

Government final consumption expenditure increased by 1.1% in the third quarter of 2020

Government final consumption increased by 1.1%, final consumption expenditure of resident households increased by 9.2% and gross fixed capital formation increased by 22.5% in the third quarter of 2020 compared with the same quarter of the previous year in the chained linked volume index.

Imports of goods and services increased by 15.8%, exports decreased by 22.4%

Imports of goods and services increased by 15.8% in the third quarter of 2020 compared with the same quarter of the previous year in the chained linked volume index, exports of goods and services decreased by 22.4%.

Compensation of employees increased by 9.7% in the third quarter of 2020

Compensation of employees are increased by 9.7% and net operating surplus/mixed income are increased by 32.1% in the third quarter of 2020 compared with the same quarter of the previous year, respectively.

The share of compensation of employees in Gross Value Added was 29.9%

The share of compensation of employees in the Gross Value Added at current prices was 29.9% in the third quarter of 2020 while it was 32.9% in the previous year. The share of net operating surplus/mixed income was 55.3% while it was 50.5% in the same quarter of the previous year. 

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