ISTANBUL 

The Turkish economy is projected to have contracted 11% year-on-year in the second quarter of 2020, an Anadolu Agency survey found Thursday.

Next Monday, the country’s statistical authority TurkStat will release gross domestic product (GDP) figures for this April-June.

A panel of 17 economists forecast an average of 11% negative growth year-on-year in the second quarter, hovering between -7% and -15%.

The economists also predicted that Turkey’s annual GDP in 2020 would narrow 1.8% on average – the highest at -3.8%, the lowest at -0.5%.

The country’s GDP expanded 4.5% in the first quarter of 2020.

The Organization for Economic Cooperation and Development (OECD) announced on Wednesday that in the second quarter of 2020, GDP in the OECD area narrowed by 10.9% on a yearly basis.

*Writing by Gokhan Ergocun

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