Turkish economy slowed to 1.6 per cent in 2018 third quarter

By The Associated Press

ANKARA, Turkey — Statistics show Turkey’s economy slowed in the third quarter of 2018, hit by high inflation and a currency crisis.

Turkish Statistical Institute figures released on Monday showed that the economy grew by 1.6 per cent in the period from July to September compared with the previous year.

The rate was below market expectations of 2 per cent growth and down from the 5.3 per cent growth recorded in the previous quarter.

The Turkish lira lost some 40 per cent of its value against the dollar this year before improved relations with the United States and a major interest rate hike helped the currency to rebound.

Yearly inflation eased to 21.6 per cent in November after hitting a 15-year high of 25.2 per cent in October.

The Associated Press

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