Turkish economy registers strong rebound from recession
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By Nevzat Devranoglu ANKARA, giày sneaker nam trắng chính hãng Feb 28 (Reuters) – The Turkish economy grew 6% year on year website in the fourth quarter and nearly 1% in 2019 as a whole, data showed on Friday, beating expectations with a strong rebound from recession as it shakes off the effects of the 2018 currency crisis. The data marked a sharp turnaround for giày thể thao sneaker nam the emerging market economy, which has a track record in the past two decades of about 5% growth but has been hit by a nearly 40% slide in the lira’s value since the beginning of 2018. Compared with the third quarter, Turkey’s gross domestic product (GDP) expanded at a seasonally and calendar-adjusted rate of 1.9%, Turkish Statistical Institute data showed. A Reuters poll had forecast the economy would expand 5% year on year in the fourth quarter. In 2019 as a whole, the economy grew 0.9%, against a poll forecast of 0.6%. The government is forecasting 5% economic growth this year and next. Consumer spending helped to boost economic activity in the final quarter of 2019, said Haluk Burumcekci, an economist who runs Burumcekci Consulting in Istanbul. “Preliminary signals indicate that the growth momentum maintains its strength in Q1, 2020,” he said, adding that an easing in financial conditions as well as the pace of credit growth will help to determine the longer-term growth outlook. “We think, with the latest data available, it will be possible to achieve 4-5% growth this year,” he added The lira stood at 6.2540 against the dollar on Friday, weakening from Thursday’s close of 6.2080.
It slipped on concern over the impact of a Syrian government attack that killed 33 Turkish soldiers in northwest Syria on Thursday. The central bank responded to the 2018 currency crisis by raising its benchmark interest rate to 24%, where it stayed until last July.
It has since cut rates aggressively, by 1,325 basis points, to boost growth. Separately Turkish industrial production climbed 8.6% year on year in December, rising for a fourth straight month and underlining economic strength in the last quarter of 2019. Economists’ median estimate in the Reuters poll was for annual growth of 4% this year, below the government’s 5% forecast. The statistics institute also announced that the foreign trade deficit rose 94.3% year on year in January to $4.45 billion. (Reporting by Daren Butler and Nevzat Devranoglu Writing by Ezgi Erkoyun Editing by David Goodman)
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