Gross Domestic Product in Turkey decreased by 9.9% in the second quarter of 2020

A revision was made in the National Accounts system due to the revisions made in Foreign Trade Statistics (the transition from the Special Foreign Trade system to the General Foreign Trade system), International Trade in Services Statistics (ITSS) and Balance of Payments Statistics (BoP) released in 2020. Detailed methodological explanation on the subject is included in the release attachment.

First estimation of GDP with chain linked volume index (2009=100) decreased  by 9.9% compared with the same quarter of the previous year in the second quarter of 2020.

Industry sector decreased by 16.5% in the second quarter of 2020

When the activities which constitute gross domestic product were analyzed; the value added increased by 4.0% in agriculture, 11.0% in information and communication, 27.8% in financial and insurance activities, 1.7% in real estate activities. 16.5% in industry, 2.7% in construction sector, 25.0% in services, 16.5% in professional, administrative and support service activities, 2.4% in public administration, education, human health and social work activities and 18.0% in other service activities decreased.

Seasonally and calendar adjusted GDP with chain linked volume index (2009=100) decreased by 11.0% compared with previous quarter. Calendar adjusted GDP with chain linked volume index (2009=100) decreased by 10.0% compared with the same quarter of the previous year in the second quarter of 2020.

GDP reached 1 trillion 041 billion 643 million TRY at current prices in the second quarter of 2020

GDP increased by 1.3% and reached 1 trillion 041 billion 643 million TRY at current prices. GDP realized 153 billion 180 million US Dollars in the second quarter of 2020.

Government final consumption expenditure decreased by 0.8% in the second quarter of 2020

Government final consumption decreased by 0.8%, final consumption expenditure of resident households decreased by 8.6% and gross fixed capital formation decreased by 6.1% in the second quarter of 2020 compared with the same quarter of the previous year in the chained linked volume index.

Imports of goods and services decreased by 6.3%, exports decreased by 35.3%

Imports of goods and services decreased by 6.3% in the second quarter of 2020 compared with the same quarter of the previous year in the chained linked volume index, exports of goods and services decreased by 35.3%.

Compensation of employees increased by 0.5% in the second quarter of 2020

Compensation of employees are increased by 0.5% and net operating surplus/mixed income are decreased by 2.4% in the second quarter of 2020 compared with the same quarter of the previous year, respectively.

The share of compensation of employees in Gross Value Added was 36.8%

The share of compensation of employees in the Gross Value Added at current prices was 36.8% in the second quarter of 2020 while it was 36.7% in the previous year. The share of net operating surplus/mixed income was 43.9% while it was 45.0% in the same quarter of the previous year.

The next release on this subject will be on November 30, 2020.
                                                                                                                                                
EXPLANATIONS

For an explanation on the integration of the effect of the revision in the Balance of Payments Statistics caused by “Transition to the General Trade System in Foreign Trade Statistics” and the “International Service Trade Statistics”, into the National Accounts System, see Table 9 of the Press Release.

Short Term Work Allowance and Cash Wage Support payments; since the continuation of production creates a collective benefit as it supports employers in terms of payments made to production factors with the protection of the current workforce, are included in the accounts as social security payments to employees (D1) and other subsidies on production (D39).

Along with this press release,

1) The expenditure component given under one heading as “Final consumption expenditure of resident households and consumption of NPISH” in the GDP tables by the expenditure approach is given separately as “Consumption of resident households” and “Consumption of NPISH “,

2) The table of “Household final consumption by durability” has begun to include the expenditures of “resident” and “non-resident” households by durability in accordance with the methodology in order to ensure international comparability.

Since unadjusted data of GDP in current prices and Chain Linked GDP Volume Index were revised until 1998, “calendar adjusted”, “seasonal adjusted” and ” calendar and seasonal adjusted” data were also revised until 1998. Detailed explanations are included in the calendar and seasonal adjusted metadata document of GDP. With this press releases, the calendar effect regressors and methodology document used in the calculation process of calendar adjusted indicators published by TURKSTAT were shared with the public.