Q2 GDP: Sharp drop, softened by stock build-up and government spending

TURKEY - Report 31 Aug 2020 by Murat Ucer

The Turkish economy contracted by 9.9% annually (y/y) and 11% sequentially (q/q) in the second quarter of this year, somewhat better than our forecast. The composition of demand is very much in line with the forecasts though, with domestic and foreign demand both making large negative contributions to overall GDP growth, as inventory build-up lifts it (Graphs 1-2; Table 1). (We start with annual data, which is the convention in the Turkish case, and then turn briefly to sequential data.)

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