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Mubasher: Turkey entered an official recession at the end of last year, with GDP declining for the second consecutive quarter.
The country's gross domestic product (GDP) declined 2.4% in the three-month period ending in December, down from 1.6% in the previous quarter, according to figures released Monday by the Turkish Institute of Technology. statistics (Turkestat).
The contraction of the economy for two consecutive quarters means that Turkey has entered a formal recession.
On an annualized basis, the Turkish economy contracted by 3% in the fourth quarter of last year compared to the same period in 2017, compared with a growth of 1.8% recorded in the quarter ended last September.
Analysts said Turkey's economy would see annualized growth of 2.7 percent in the fourth quarter of last year.
In 2018, Turkey's GDP increased by 2.6% compared to 7.4% in 2017.
The Turkish lira has lost about 30% of its value over the past year, which has caused the central bank to raise the interest rate to 24% and to hinder the country 's economic performance.
At 9:32 GMT, the Turkish currency stabilized against its US counterpart, peaking at 5.4368 pounds.
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