Monday, September 25, 2023

Turkey Slips Into Recession

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Lisa Fischer
Lisa Fischer
Lisa Fischer is a seasoned journalist with a talent for uncovering hidden stories. With over nine years of experience, she has made a name for herself in the industry with her insightful reporting and writing. Lisa holds a degree in journalism from the University of Vienna and has worked for prominent Austrian newspapers. Her work has been recognized with several awards and she is committed to delivering thoughtful and thought-provoking journalism to her readers. Known for her persistence and integrity, Lisa is a valuable member of the Austrian journalism community.

Shortly before the local elections, the Turkish statistics office announced that economic output in the final quarter of 2018 fell by 2.4 percent.

Turkey GDP fall

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.

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