Turkish Statistical Institute (TurkStat) announced the quarterly Gross Domestic Product (GDP) growth in Turkey for the October-December 2019 period. Thanks to a sharp recovery in private consumption and a rise in credit impulse, Turkey recorded a strong GDP growth of 6 percent in the final quarter of 2019, which brought the full year growth up to 0.9 percent.
Accordingly, Turkey’s GDP at current prices has more than tripled since 2002, reaching USD 754 billion in 2019. The Turkish economy grew by an average 5.3 percent annually during the 2003-2019 period.
The strong growth performance of Turkey in the final quarter of 2019 brought the full year growth into positive territory and this trend suggests a strong signal, implying that the Turkish economy is returning to its long-term potential growth track.
Turkey's New Economy Program, announced last September, targets GDP growth rates of 5 percent in each of the following three years starting from 2020.