The damage caused by the earthquakes in Turkey is equivalent to 10% of its Gross Domestic Product (GDP), with total losses amounting to a value of at least $84 billion dollars, according to a report presented by the Turkish Confederation of Enterprises and Businesses (TÜRKONFED); almost 71 billion correspond to damage to residential buildings. Damage to infrastructure in the southeastern Anatolia region, which accounts for 9.3% of the country’s GDP, includes roads and railways, power lines, hospitals and schools, and could increase the budget deficit to 5.4% of GDP, 55% more than expected. Even so, the IMF believes that the impact of the quakes on the Turkish economy will be much less than that caused by the 1999 Great Marmara earthquake.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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