{"id":5220,"date":"2020-11-26T20:08:04","date_gmt":"2020-11-26T20:08:04","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=5220"},"modified":"2020-11-26T20:08:04","modified_gmt":"2020-11-26T20:08:04","slug":"turkeys-economy-expected-to-grow-4-8-year-on-year-in-q3","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=5220","title":{"rendered":"Turkey\u2019s economy expected to grow 4.8% year-on-year in Q3"},"content":{"rendered":"<div class=\"subtitel col-lg-12\">\n<p>Reuters\/Istanbul<\/p>\n<\/div>\n<p>Turkey\u2019s economy is expected to have grown 4.8% year-on-year in the third quarter of 2020, as expectations turned positive after data indicated strong performance, a Reuters poll showed yesterday, while GDP is seen remaining flat through the year.<br \/>\nThe coronavirus pandemic, which lead to a year-on-year contraction of nearly 10% in the second quarter as a result restrictions on travel and weekend lockdowns, eased in the third quarter before surging again in October and November.<br \/>\nWhile previous Reuters polls had predicted a contraction in the third quarter as well, the median estimate of 14 economists in this week\u2019s poll forecast a growth of 4.8%. Estimates ranged between growth of 6.8% and contraction of 1.5%.<br \/>\nStrong performances in the industry, retail, finance and real estate sectors have lead the growth in the third quarter, said Daglar Ozkan, economist at Is Yatirim.<br \/>\n\u201cOur previous expectations were a little weaker but data for September showed us that growth in the third quarter was very strong,\u201d he said.<br \/>\nTurkey has recently imposed new measures to combat the coronavirus outbreak, as new daily symptomatic cases and deaths reached record levels in recent days.<br \/>\nAnkara has emphasised that the measures, much less restrictive than those in the spring, will not interfere with suppy and production chains.<br \/>\nIs Yatirim\u2019s Ozkan said the second wave will likely have a much more limited impact on the economy compared to the first because the restrictions are designed to allow economic activity to continue.<br \/>\nFor the full year, the median estimate was for the gross domestic product (GDP) to remain flat, with estimates of 16 economists ranging between growth of 0.6% and contraction of 5%.<br \/>\nThe government has forecast a growth of 0.3% this year but said the economy could contract 1.5% under a worst-case scenario.<br \/>\nTurkey\u2019s economy, which has expanded 5% on average over the last decade, has performed well below those levels for the last two years, growing 0.9% in 2019.<br \/>\nTurkey needs to find a way back to near potential growth, said Bank of America.<br \/>\n\u201cGiven the high external financing needs, Turkey needs economic reforms to boost productivity and to take steps to increase investor confidence,\u201d it said in a note, adding that Ankara\u2019s recent calls for reforms showed an understanding of the needs.<br \/>\nThe Turkish Statistical Institute is expected to announce third quarter GDP data on November 30.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters\/Istanbul Turkey\u2019s economy is expected to have grown 4.8% year-on-year in the third quarter of 2020, as expectations turned positive after data indicated strong performance, a Reuters poll showed yesterday, while GDP&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5230,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-5220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5220"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/5230"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}