For the first time in 10 years,Turkish economy is facing a recession

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Turkey's GDP declined in the fourth quarter by 2.4%, taking into account seasonal fluctuations, official data showed. The index coincided with the forecasts of economists. In the previous quarter, the decline in GDP was 1.1%. Thus, the decline of the Turkish economy for two quarters in a row indicates a state of technical recession, which is observed in the country for the first time in a decade. Compared to the last quarter of 2017, the Turkish economy contracted by 3%, which was recorded for the first time in more than 2 years. In the previous quarter, GDP grew by 1.8%. The statistical report for 2018 showed, nevertheless, economic growth by 2.6%, while in 2017, GDP increased by 7.4%. Analysts expect a further decline in the Turkish economy during the first half of the year.

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