Ankara, Turkey – Despite the outbreak of the new type of coronavirus (Covid-19), Turkey was the only country among the organization for Economic Co-operation and Development (OECD) countries to record growth with an annual performance of 6.7 percent in the third quarter of the year.
According to OECD and Turkish Statistical Institute (TUIK) data, gross domestic product (GDP), which declined sharply in the first half of the year due to restrictions imposed as part of the fight against the epidemic, was calculated as minus 4.1 percent for OECD countries in the third quarter.
Economic contraction during the period was recorded as 4.3 percent in the European Union and 4.4 percent in the Eurozone. Of the OECD countries, Norway shrank 0.1 percent in the third quarter, South Korea 1.3 percent, Israel 1.4 percent, Lithuania 1.7 percent and Poland 2 percent. Of the OECD countries whose economy shrank the most, third-quarter growth data showed Chile with 10.3 percent, the United Kingdom with 9.6 percent and 9.5 percent. Meanwhile, in the third quarter, the US economy shrank 2.9 per cent and the French economy shrank 3.9 per cent, while in Germany the temporary growth rate was calculated at minus 4 per cent.
Turkey’s economy grew by 4.5 percent in the first quarter of the year, and contracted by 9.9 percent in the second quarter due to the outbreak. The economy grew 6.7 percent in the third quarter, when steps to normalize were taken. Thus, Turkey was the only country to record positive growth among OECD countries with third-quarter growth data. In addition, China, which has seen the first cases of Covid-19 and is not a member of the OECD, continued its economic recovery after the outbreak, showing 4.9 percent growth in the third quarter of the year.