The Strategist

Bloomberg: Turkish economy loses $84 billion in earthquakes

02/13/2023 - 10:16

Turkish economic losses after two February earthquakes totaled $84 billion, or 10% of GDP, according to estimates from the Turkish Confederation of Entrepreneurs and Businessmen.

IHH Humanitarian Relief Foundation
IHH Humanitarian Relief Foundation
The organization put the cost of the building destruction caused by the earthquake at $70.8 billion. The Turkish budget will also suffer a further loss of $ 10.4 billion. The workforce losses were valued at $2.9 billion by the agency.

The earthquake-related damage to Turkey was estimated by Fitch Ratings to be $4 billion. President Erdogan pledged 100 billion lira ($5.3 billion) to mitigate the effects of earthquakes.

In Turkey, there were two 7.8 and 7.7 magnitude earthquakes that day and night on February 6. The most recent data indicates that 29 000 persons died in Turkey. Three thousand people died in nearby Syria as a result of the earthquake.