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Turkey Enters First Recession in a Decade as Elections Loom

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Turkey fell into its first recession in a decade, dealing a blow to President Recep Tayyip Erdogan as the country heads toward bellwether municipal elections this month.

Gross domestic product shrank a seasonally adjusted 2.4 percent last quarter from the previous three months, when it declined a revised 1.6 percent, according to data released on Monday. That matched the median estimate of economists in a Bloomberg survey. From a year earlier, GDP dropped 3 percent.