World Economy

Turkey Growth Slows

Turkey Growth SlowsTurkey Growth Slows

Turkish gross domestic product grew by 3.1% in the second quarter of 2016, lower than forecasts of around 3.4%, amid a decline in industrial investments and foreign demand, data from the Turkish Statistics Institute showed on Sept. 9, Anadolu Agency reported. Turkey’s GDP growth was 3.9% in the first half of the year. Deputy Prime Minister Mehmet Simsek predicted that the slowdown in economic activity will not last long, saying the failed July 15 coup attempt had weakened the general situation. In a written statement on Sept. 9, he said the contribution of domestic demand to Turkey’s GDP growth was 5.2% in the Q2 of this year, while net foreign demand made a negative contribution of 2.1%.