The Turkish economy contracted a sharper than expected 3.0 percent in the fourth...
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration
Turkey, a major emerging market once seen as a star performer by international investors, achieved growth of more than 7 percent in 2017. But last year it was battered by a 30 percent slide in the value of the lira. The economy grew 2.6 percent in 2018 as a whole, also the weakest performance since 2009, the Turkish Statistical Institute data showed. It compares with a forecast of 2.55 percent growth in the poll.Fourth quarter GDP shrank a seasonally and calendar-adjusted 2.4 percent from the previous quarter. The data also showed the economy had expanded 1.8 percent year-on-year in the third quarter, revised from a previously reported 1.6 percent.
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