The Turkish economy has distinguished as having the greatest growth of the economy in the third quarter of 2020. The Turkish economy has achieved a growth of 6.7% due to the pandemic crisis and the base effect of slow growth in the previous year.
Turkey Statistical Institute has announced that there was an economic growth of 4.4% in the first quarter of 2020. The Gross Domestic Product (GDP) has grown by 6.7% in the third quarter of 2020 in Turkey.
The Turkish economy has experienced a growth of 5% which is more than expected in the third quarter of 2020. The Turkish economy has experienced a higher growth when we compare it with the rates of economic growth of other countries. It is still boosting its economy day by day!
Turkish Economy Has Gone Beyond the Growth Expectations!
Following the economic growth in the first quarter of 2020, the Turkish economy has gone beyond 5% of the target of economic growth along with the improvements of sectors and economic progress.
The Turkish economy has experienced economic growth along with the economic growth in countries such as China, Taiwan, and Vietnam. Turkish economy as the country with the fastest economic growth has made great strides despite the pandemic crisis and recessions in the global economies.
Turkey As Having The Fastest Economic Growth!
According to the GDP figures, The Turkish economy has managed the fastest economic growth in the third quarter of 2020.
Despite the financial and health crisis as a consequence of the Corona pandemic in the world, Turkey has drawn attention with the increase of domestic demand growth.
Growth in the Fields of Real Estate, Construction, Agriculture, and Industry Sectors!
Turkey has taken its place as the fastest-growing economy in the first place despite the pandemic crisis.
When considered the activities and sectoral developments that impact the GDP, the fields of education, real estate, and transportation have grown with the developments in the third quarter of 2020.
Real Estate Increased by 2.8%
Finance and Insurance Increased by 41.1%
Construction Increased by 6.4%
Agriculture Increased by 6.2%
Industry Increased by 8%
Household Consumption Increased by 9.2%.
Also, sectoral growths were recorded in the fields of investment, finance, consumption.
Presidency of Strategy and Budget of the Turkish Republic has announced the sectoral distribution data of public investments of the last four years. According to the data, the activities in finance, communication, industry, real estate, construction, and agriculture have improved and increased in 2020.
2020 Turkish GDP: 1 Trillion 419 Billion 483 Million in the 3rd Quarter!
Turkey has experienced an increase of 22.6% compared to the same quarter of 2019 in spite of the pandemic crisis!
Turkish GDP value in the third quarter has been announced as ₺ 1 Trillion 419 Billion 483 Million depending on the increase. According to economic data of Turkish GDP 2020, it equals $ 197 billion 377 million.
According to the business forecastings, the development of the economy will proceed with the same growth potential until the end of 2020. It means a growth of 6.7% depending on the chained volume index.
Turkey is the 51st Country Declaring Economic Growth!
The Turkish economy has attracted the attention of the whole world. Turkey has been among the fastest-growing countries in the third quarter of 2020. In addition to the Turkish economic growth, there are some countries which also grow such as China.
Turkey is the only country that declares economic growth among OECD countries.
As a result of the practices carried out within the scope of dealing with the pandemic crisis and international restrictions, all countries have experienced recessions. The economic recessions in the world have caused economic growth in Turkey in the third quarter of 2020.
As a consequence of normalization steps right after the global health crisis, the Turkish economy has increased and boosted. Turkey has taken first place as having the only country with positive growth all around the world.
After analyzing the GDP data around the world, sharp falls and recessions draw attention if we put it simply.
European Union Declined by 4.3%
Euro Zone Declined by 4.4%
Lithuania Declined by 1.7%
Poland Declined by 2%
The UK Declined by 9.6%
Spain Declined by 8.7%
After the economic growth of 4.5% in the first quarter of 2020, the economic growth of 6.7% in the Turkish economy is achieved in the third quarter of 2020.