Turkey's economy is expected to shrink in the second quarter, its third str...
ISTANBUL/ANKARA - Turkey’s economy is expected to shrink in the second quarter, its third straight quarterly contraction as it grapples with the effects of recession, and a Reuters poll on Thursday also pointed to zero growth in 2019 as demand and investment slows.
Forecasts for the second quarter ranged from a 1% to 2.2% contraction. Estimates for annual GDP ranged from 1% growth to a 2% contraction, which on the whole was more optimistic than a July poll predicting the economy would contract this year. In the first quarter of 2019, the economy contracted 2.6% year-on-year even as it returned to growth on a quarter-on-quarter basis. It may again narrowly log quarter-over-quarter growth in Q2, economists say.A sharper than expected fall in industrial production in June, shrinking retail sales in recent months, and limited public consumption contributed to weakness in the second quarter.
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