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Reuters
Turkey enters recession for the first time in a decade or so
In the fourth quarter of 2018, the Turkish economy experienced a stronger-than-expected contraction of 3% year-on-year in the fourth quarter of 2018, its worst performance in nearly a decade.
The pace of contraction of the economy in the last quarter exceeded the average forecast of 2.7%, which means that the Turkish currency crisis of last year has propelled the Turkish economy into recession.
According to data from the Turkish Institute of Statistics, the entire economy in 2018 recorded a growth of 2.6%, which is also the lowest performance since 2009.
Turkey, which grew more than 7% in 2017, was penalized last year by a 30% devaluation of the British pound due to concerns over a diplomatic dispute with the United States and the United States. the independence of the central bank.
In the currency market, the Turkish lira fell slightly after the publication of data, reaching 5.4379 Turkish lira against the dollar, down 0.03%, according to data from the site "Bloomberg".
Source: agencies
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