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Turkey Economy Shrinks in Q3
Turkey Economy Shrinks in Q3

Turkey Economy Shrinks in Q3

Turkey Economy Shrinks in Q3

Turkey’s economy unexpectedly contracted in the third quarter, led by a slump in consumption, in the most significant sign yet that July’s failed coup and the political instability it provoked are weighing on confidence, Bloomberg reported. Gross domestic product shrank an annual 1.8% in the three months starting in July, Turkey’s statistics bureau reported Monday. The median estimate in a Bloomberg survey called for an annual expansion of 0.3%. Domestic consumption, which makes up nearly two-thirds of the economy, fell 3.2% from a year earlier, adding to evidence that the takeover attempt on July 15 damaged business activity. Government spending on wages, goods and services rose 23.8%, limiting the impact from a slump in investments, which fell 0.6% from the same period in 2015. The lira fell after the report and was trading 1% lower at 3.512 per dollar in Istanbul.

 

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