Turkey’s economy rebounded in Q3 2020

Turkey’s GDP rebounded in Q3 2020, growing in real terms by 6.7% y/y after declining by 9.9% y/y in Q2. The strong recovery was driven by y/y growth of 9.2% for private consumption, 22.5% for gross fixed capital formation (investment) and 1.1% for government consumption, with domestic demand responding to strong fiscal and monetary policy stimulus and an easing of COVID-19 restrictions. 
However, the volume of exports of goods and services declined by 22.4% and import volume increased by 15.8% y/y, resulting in a negative contribution to GDP growth from the foreign trade balance (net exports). Gross value added by sector increased on a y/y basis for financial and insurance activities (by 41.1%), ICT (15%), industry (8%), construction (6.4%) and agriculture (6.2%), among others. Bucking the trend, the GVA of professional, administrative and support service activities decreased by 4.5%.
 

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