Turkish economy is entering recession few weeks before local elections

The Turkish economy entered the recession according to official data, weeks before Erdogan's party ran for local elections, which could directly affect his popularity.

NEWS DESK

The government of Turkey has entered its first recession in 10 years, weeks before President Recep Tayyip Erdogan's government faces local elections, with growth and inflation being a key issue for voters, the Associated Press reported on Monday.

The Turkish Institute of Statistics (TUIK) said economic output fell by 2.4% in the last three months of last year.

According to the agency, the economy contracted by 3% in the fourth quarter of 2018 compared to the same period last year.

Growth was 2.6% for 2018 in general, but much lower than the 7.4% recorded in 2017, a turbulent period following the alleged coup in 2016.

The inflation rate remained high, reaching a 15-year high of 25.24 % in October, before falling below 20 percent in February, with food prices particularly hit, the agency said.

The last time Turkey entered the recession in 2009 after the global economic crisis hit domestic and foreign demand.

A.H

ANHA 


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