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Turkish economy grew at 4.5% during the first quarter of 2020

The impact of the coronavirus pandemic has been felt in the growth of Turkey’s economy, as economists expected a growth of 5.2% between January and March.

The Turkish economy grew 4.5% more during the first quarter of this year compared to the same data from the previous year, according to the latest official statistical data released in Turkey.

According to the latest report presented by the Turkish Statistical Institute (TÜİK), the Gross Domestic Product (GDP) of the Eurasian country added 1.07 trillion liras -about 141 billion euros– in updated prices in the period between January and March.

The data on economic growth, however, only partially takes into account the effects of the economic slowdown caused by the coronavirus pandemic, since the first quarantine measures in Turkey were introduced in the second half of March, although they are a good reflection of the strength with which the economy of the Eurasian country began the year.

Still, GDP growth figures have fallen short of analysts’ expectations, who expected the Turkish economy to grow between 4.4 and 5.8% in the first quarter, with an average forecast of 5.2%. By 2020, experts believe Turkey’s GDP will drop 1.5% on average due to the impact of the coronavirus crisis.