Turkey’s economy shrinks by nearly 10% in Q2 during lockdown

By: |
August 31, 2020 3:25 PM

Turkey's economy contracted by 9.9 per cent in the second quarter of the year from the previous three-month period in the wake of lockdown measures put in place to deal with the coronavirus pandemic.

Turkey’s economy grew by 4.4 per cent in the first quarter.

Turkey’s economy contracted by 9.9 per cent in the second quarter of the year from the previous three-month period in the wake of lockdown measures put in place to deal with the coronavirus pandemic, officials figures showed Monday. Though the quarterly decline in the April to June period reported by the Turkish Statistical Institute was the country’s biggest contraction in more than a decade, it was slightly less than economists had predicted.

When the pandemic struck in March, the government imposed a number of restrictions to keep a lid on infections that inevitably hurt the economy. As well as shutting down some businesses, it imposed weekend curfews, closed borders and restricted domestic travel. Many of the restrictions were lifted in June. Hopes that the economy would rebound strongly in the third quarter have faltered as tourism levels have been way lower than previous years. Turkey’s economy grew by 4.4 per cent in the first quarter.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1FDI key to India’s aspiration to be a USD 5 trillion economy, says Deloitte CEO
2Cautious Push: Finance secretary TV Somanathan tempers stimulus expectations
3‘Forced formalisation behind the surge in tax collections’