Data showing the contraction of the Turkish economy

The Turkish economy has contracted in the second quarter of this year, but at a slower pace than expected, according to data announced by the Turkish Statistical Society "Turkstat" today.

The data showed that GDP was contracted by 1.5% in the second quarter of this year from April to June, from one year to the next.

This figure is lower than expectations, while 14 economists surveyed by Anatolia last week had predicted that Turkey's economy would decline by 1.8%, while another poll of 18 Reuters experts concluded that the contraction would reach 2%.

After the announcement of the new data, the Turkish lira realized immediate gains, from the opening price of 5.83 to 5.79 to the dollar.

Below is a graph showing the trend of the Turkish lira against the dollar today:

Bloomberg

The data also showed an increase in export volume of 8.1% in the second quarter of this year, while imports decreased by 16.9%.

Source: Daily Sabah

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