The Turkish economy contracted a sharper than expected 3.0 percent in the fourth...
ISTANBUL - The Turkish economy contracted a sharper than expected 3.0 percent in the fourth quarter of 2018, its worst performance in nearly a decade and a clear sign that last year’s currency crisis has tipped it into recession.
The year-on-year quarterly contraction compared with a median forecast of a 2.7 percent decline in a Reuters poll, and it was the worst performance since 2009. The lira initially eased slightly after the official GDP data was published, before recovering to 5.4260 against the dollar. The economy slowed abruptly in the second half of last year due to the lira crisis, which was caused by a rift with Washington that led to U.S. tariffs and sanctions, and worries over the central bank’s independence given pressure from President Tayyip Erdogan to cut borrowing costs.
Consumption expenditures of households decreased by around 9 percent in the last quarter, showing signs of slowdown in domestic demand that has also sharply narrowed Turkey’s current account deficit. Separately on Monday, the country’s central bank said the deficit was $813 million in January.
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