Shortly before the local elections, the Turkish statistics office announced that economic output in the final quarter of 2018 fell by 2.4 percent.
The Turkish economy slipped into recession at the end of 2018. As reported by the statistics office in Ankara on Monday, economic output (GDP) in the final quarter fell by 2.4 percent on quarter. The decline follows a minus in the third quarter of revised 1.6 (initially 1.1) percent. Analysts had expected development.
According to one common definition, Turkey has slipped into a phase of economic recession. Economists say that when an economy shrinks for two quarters in a row. For the political leadership, the downturn comes at an inopportune time because local elections take place in Turkey at the end of March.