Turkey’s GDP shrinks 1.5 pct in Q2

Turkey’s economy shrank by 1.5 percent in the second quarter of 2019 compared with the same period last year, according to data released on Monday by the Turkish Statistical Institute (TurkStat).

The country’s real gross domestic product (GDP) has shrunk by 1.5 percent from April to June year-on-year, while the economy has witnessed a quarterly increase of 1.2 percent, said the TurkStat.

The state’s final consumption expenditures increased by a year-on-year 3.3 percent, while consumer spending decreased by 1.1 percent, compared with the same period last year.

Exports of goods and services were up 8.1 percent in the second quarter, while imports decreased by 16.9 percent.

Turkey achieved a track record of more than 5 percent growth in the past few years. But its strained ties with the United States last year has caused a currency crisis that wiped out more than 30 percent of the Turkish lira’s value, triggering a contraction of 3 percent in the fourth quarter of 2018.