Turkey’s Economy Grows 6.7% YoY in 3Q 2020; Above Market Expectations

Turkey’s gross domestic product (GDP) increased by 6.7% year-on-year (YoY) in the third quarter of 2020 (3Q 2020) compared to the same quarter of the previous year, according to data published by the Turkey Statistical Institute (TurkStat) on the 30th of November 2020.

Prior to this, Turkey’s GDP expanded by 4.4% YoY in the first quarter of 2020 and contracted by 9.9% YoY in the second quarter of 2020 (2Q 2020), due to the impact on activity when lockdowns were imposed to curb the spread of COVID-19, according to local media reports.

GDP growth in 3Q 2020 was led by the financial and insurance activities, which expanded by 41.1% YoY in 3Q 2020, attributed to an expansio...