Turkish economy shrinks

The Turkish economy shrank 2.6% year-on-year in the first quarter, confirming official data sliding the country into recession, after the currency crisis last year.

  A Reuters poll forecast the economy contracted 2.5 percent year-on-year in the latest quarter.

Turkey's economy, one of the major emerging market economies, had growth rates of more than 5 percent before being hit by a 36 percent depreciation against the dollar since the end of 2017.

Compared with the previous quarter, GDP for the first quarter grew 1.3% after adjustment, in light of seasonal factors and the calendar, according to figures released by the Turkish Statistics Institute.


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