Turkey's Economy Shrinks by 1.5 Percent in Second Quarter

*Photo: AA

Click to read the article in Turkish

Gross domestic product by production approach with chain linked volume index decreased by 1.5 percent compared with the same quarter of previous year in the second quarter of 2019, the Turkish Statistical Institute (TurkStat) announced.

Gross domestic product increased by 15 percent and reached 1 trillion 24 billion 226 million TRY at current prices.

When the activities which constitute gross domestic product were analyzed; the total value added increased by 3.4 percent in the agricultural sector, decreased by 2.7 percent in the industry sector and 12.7 percent in the construction sector and 0.3 percent in the services sector (wholesale and retail trade, transport, storage, accommodation and food service activities) compared with the same quarter of the previous year in the chained linked volume index.

Calendar adjusted gross domestic product in the second quarter of 2019 decreased by 1.4 percent compared with the same quarter of the previous year. Seasonally and calendar adjusted gross domestic product increased by 1.2 percent compared with the previous quarter.

Final consumption expenditure of resident households and final consumption of non-profit institutions serving households (NPISH) decreased by 1.1 percent, government final consumption expenditure increased by 3.3 percent and gross fixed capital formation decreased by 22.8 percent in the second quarter of 2019 compared with the same quarter of the previous year in the chained linked volume index.

Images: TurkStat

Exports of goods and services increased by 8.1 percent in the second quarter of 2019 compared with the same quarter of the previous year in the chained linked volume index, imports of goods and services decreased by 16.9 percent.

Compensation of employees increased by 21.1 percent, net operating surplus/mixed income increased by 9.9 percent in the second quarter of 2019 compared with the same quarter of the previous year.

The share of compensation of employees in Gross Value Added was 37.1 percent

The share of compensation of employees in the Gross Value Added at current prices was 37.1 percent in the second quarter of 2019 while it was 35.6 percent in the same quarter of the previous year. The share of net operating surplus/mixed income was 44.6 percent while it was 47.2 percent in the same quarter of the previous year. (HA/VK)