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Turkish economy grew at 0.9% in 2019

Turkey’s economy grew at 6% during the last quarter of 2019, one point above the forecasts of economists. In 2020 the Turkish government expects a 5% increase in GDP.

The Turkish economy experienced a growth of 0.9% of its Gross Domestic Product during the past year 2019, according to the latest data published by the Turkish Statistical Institute (TÜİK).

The data released only a few days ago indicate that the GDP of the Eurasian country reached in current prices the 4.28 billion liras (630 billion euros) during the past year, while the GDP per capita in Turkey increased until 51,834 liras (7,632 euros) per inhabitant.

By sectors, the added value of the Turkish agricultural sector grew 3.3% in 2019 compared to 2018, while the industry grew 0.2%, the service sector 1.5%, and construction suffered a 8.6% year-on-year fall.

The growth figures for 2019 exceed the forecasts of the analysts, who had calculated an increase in Turkish GDP of around 0.6% for last year. According to TÜİK data, the Turkish economy grew at 6% during the last quarter of 2019 – almost a point above forecasts – and the Turkish government expects it to grow at a 5% pace in 2020.