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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Turkey tumbles into recession as polls loom

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ANKARA: Turkey’s economy entered its first recession in a decade, official data showed on Monday, just 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) said.


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.


The economy shrank by 3 per cent in the fourth quarter of 2018 compared with the same period in the previous year.


Growth came in at 2.6 per cent for 2018 overall, but that was still much lower than the 7.4 per cent recorded in 2017, a turbulent period following the 2016 failed coup and terror attacks. — Reuters


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