Xinhua
30 Nov 2020, 16:48 GMT+10
ISTANBUL, Nov. 30 (Xinhua) -- Turkey's economy grew by 6.7 percent in the third quarter amid the COVID-19 pandemic, Turkish Statistical Institute revealed on Monday.
The Gross Domestic Product (GDP) at current prices increased by 22.6 percent to 1.4 trillion Turkish liras (197.4 billion U.S. dollars) in July, August, and September when compared to the same period of the previous year, the data noted.
"The GDP grew by 6.7 percent but contracted in terms of the dollar," Mustafa Sonmez, an economist, said in a tweet after the announcement of the institute.
"In the third quarter of 2019, 204 billion dollars of added value was produced while the figure of the same period this year is 197 billion dollars," noted Sonmez.
"This indicates regression of 7 billion dollars and 3.4 percent shrinkage," he pointed out.
The Turkish currency dipped to record lows against the foreign currencies this year, losing over 30 percent of its value against the U.S. currency.
Meanwhile, in the January-October period, Turkey's foreign trade deficit increased by 76.2 percent to 40.3 billion dollars from 22.9 billion, the institute announced.
Exports decreased by 9.1 percent to 135.6 billion dollars in the first ten months of 2020 compared to the same period in 2019, and imports increased by 2.2 percent to 175.9 billion dollars, according to the data.
In mid-November, the government reimposed partial lockdowns on weekends, closed restaurants and cafes, and introduced new working hours for the businesses, suspending all activities of local gaming halls, clubs, tea gardens, as well as football fields across the country to curb the sharp rise of COVID-19 cases.
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationTHE VATICAN - The world is in shock and mourning on Easter Monday as it woke to the news that Pope Francis had died. Having recently...
NEW YORK CITY, New York: A former New York City police sergeant, Michael McMahon, was sentenced this week to 1.5 years in prison. He...
WASHINGTON, D.C.: U.S. Interior Secretary Doug Burgum has ordered a stop to construction of Equinor's Empire Wind project off New York's...
SINGAPORE: Amid rising trade tensions, several Asian nations are stepping up energy purchases from the U.S. in hopes of easing tariff...
WASHINGTON DC - In a bid to combat illegal border crossings, the Trump Administration has enacted an emergency transfer of some 110,000...
More than 200 journalists and news photographers, together with family members, have been killed in Gaza in the last 16 months. Despite...
TOKYO, Japan: Toyota is weighing plans to build the next-generation RAV4 SUV in the United States, according to three people familiar...
WASHINGTON, D.C.: Ford is recalling more than 148,000 vehicles across two safety campaigns, according to a notice issued by the National...
NEW YORK CITY, New York: Archer Aviation has announced plans to start an air-taxi service in New York City, working with United Airlines....
TAIPEI, Taiwan: Taiwan's TSMC reported stronger-than-expected first-quarter earnings on Thursday, driven by booming demand for AI-related...
LONDON - Google is facing a multibillion-pound legal challenge in the UK over allegations it misused its dominance in online search...
Lyft is making its first move into Europe with the purchase of mobility platform FreeNow, a nearly $200 million deal that signals a...