Economy

Turkey's GDP performance stands out during pandemic

While EU and OECD countries posted GDP declines, Turkish economy expanded 6.7% in third quarter of 2020

Gokhan Ergocun   | 01.12.2020
Turkey's GDP performance stands out during pandemic

ISTANBUL 

Posting 6.7% year-on-year growth in the third quarter of 2020, Turkey performed better than numerous other countries, including EU members and fellow OECD countries.

This July to September, dozens of economies saw declines due to measures to stem the spread of the COVID19, such as lockdowns and travel bans.

After the first peak period of the novel coronavirus outbreak in Turkey, when the country's economy narrowed by nearly 10% in the second quarter, its economy recovered quickly.

Over the same period, in contrast, EU and OECD members posted sharp declines.

Among EU members, the smallest GDP decline was posted by Lithuania with minus 1.7%, while the largest was seen in Spain with minus 8.7%.

Other major EU economies – Italy, Germany, France, and the Netherlands – posted minus 4.7%, minus 4%, minus 3.9%, and minus 2.5% GDP growth rates, respectively.

The EU and eurozone's GDP growth rates were also minus 4.3% and minus 4.4% in the third quarter of 2020 versus the same quarter in 2019.

OECD countries' average GDP growth rate was minus 4.1% in the same period.

Among OECD members, Turkey was the only country showing positive GDP growth.

The lowest GDP decline was seen in Norway with minus 0.1%, while Chile saw a double-digit GDP decline with minus 10.3% over the same period.


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