The Turkish economy shrank by 2.6 percent year-on-year in the first quarter of 2019, following a 3 percent contraction in the previous period and compared with market expectations of a 2.5 percent contraction. It was the second straight quarter of GDP decline, throwing the country into recession. Household consumption and gross fixed capital formation continued to decline while government expenditure advanced faster and net foreign demand contributed positively to growth. On a seasonally adjusted quarterly basis, the economy advanced by 1.3 percent, rebounding from a 2.4 percent contraction in the last quarter of 2018. It was the first expansion in GDP growth since the first quarter of 2017. GDP Annual Growth Rate in Turkey averaged 4.64 percent from 1999 until 2019, reaching an all time high of 11.70 percent in the first quarter of 2011 and a record low of -14.40 percent in the first quarter of 2009.
GDP Annual Growth Rate in Turkey is expected to be -1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Turkey to stand at 1.20 in 12 months time. In the long-term, the Turkey GDP Annual Growth Rate is projected to trend around 2.70 percent in 2020, according to our econometric models.