Gross national product (GNP) and gross domestic product (GDP) contracted by 6 per cent and 5.4 per cent, respectively, the State Institute of Statistics says. Of the major indicators, commerce fell the most by 7.5 per cent followed by industry at 5.7 per cent.

Total GNP in 1994, by value, amounted to TL 3,903 million million ($102,710 million). GNP per capita dropped by 7.7 per cent to $2,193 over the period.

Agriculture registered the smallest fall with 0.3 per cent. Import taxes plunged by 35.2 per cent. This figure, however, reflects a drastic drop in imports after the onset of the economic crisis. Imports of goods and services fell by 21.9 per cent as exports rose by 15.2 per cent.

Also reflecting the impact on consumer demand, private final consumption expenditures fell by 5.4 per cent. Gross fixed capital investment also dropped, by 15.9 per cent.