Turkey's GDP in the first quarter continued to decline, dropping in annual terms by 2.6%, the Turkish Statistical Institute reported. In the fourth quarter, the economy shrank by 3%. Economists had expected GDP to decline by 2.5% in the first quarter. In the specified period, the country recorded a decrease in consumer spending by 4.7%, with an increase in government spending by 7.2%. The seasonally adjusted Turkish economy rose by 1.3% from the previous quarter. Prior to that, during the previous three quarters, it had been falling. The currency crisis that began last summer continues to affect investment and consumption in the country. Since the beginning of 2019, the Turkish national currency has depreciated against the US dollar by 13%, last year lira lost 30%. According to the Turkish government, the country's GDP will increase in 2019 by 2.3%.
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