AFP: Turkey’s economy is emerging from recession and growing 1.3% in the first quarter

AFP: Turkey’s economy is emerging from recession and growing 1.3% in the first quarter

Real Estate News – Realty Group

Turkey succeeded in breaking out of the recession in the first quarter of this year, supporting government efforts to stimulate the economy.

The Turkish economy has been in recession for the first time since 2009, following a contraction of two consecutive quarters at the end of 2018 after months of unsetteled relations with Washington.

Experts said economic growth was driven by stimulus measures launched by Turkish President Recep Tayyip Erdogan ahead of local elections held on March 31.

The central bank decided to limit spending. The governor of Amrasar, Murat Gitinkaya, said he would adopt a tough policy on inflation, which is currently close to 20%, and will protect the reserve of the Central Bank of foreign currencies.

Data from the Turkish statistics office Turkestat showed on Friday that the gross domestic product (GDP) of the Middle East’s largest economy grew 1.3 % in the first three months of this year on a quarterly basis.

Year to year basis, Turkey’s economy contracted by 2.6 % in the quarter ending March 2008 compared to the same period in 2018, after falling by about 3 % in the fourth quarter of last year.

The year-on-year contraction in Turkey’s economy is due to a drop in construction activity by 10.9 % in the first quarter, coinciding with the industrial and services sectors also falling by 4.3 % and 4 % respectively.

In contrast, agricultural activity rose 2.5 %, while government spending jumped 7.2 %, reflecting government stimulus ahead of last March’s election.

In a separate release released on Friday, the foreign trade deficit narrowed by 55.6 % in April on a year-on-year basis, to $ 2.982 billion, with exports up 4.6 % and imports down 15.1 %.

Turk Press

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