Turkey’s economy enters recession for first time since 2009: official data

Istanbul: Turkey’s economy entered its first recession since 2009, official data showed on Monday, three weeks before President Recep Tayyip Erdogan’s government faces local elections where growth and inflation will be key issues for voters.

Economic output contracted by 2.4 per cent in the final three months of the year compared to the third quarter on a seasonally and calendar-adjusted basis, the Turkish Statistics Institute (TUIK).

That followed a drop in the third quarter as well. Two consecutive quarter-on-quarter contractions in economic output is widely considered to be the definition of a recession. (Agencies)

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