Turkey’s Economy Stalls as High Interest Rates Take Toll
- Annual GDP growth slowed to 2.5%, far more than expected
- Economy stalled on a quarterly basis with 0.1% growth
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Turkey’s $1.2 trillion economy slowed by more than analysts expected in the second quarter, highlighting the impact of higher borrowing costs.
Gross domestic product grew by 2.5% year-on-year, compared with 5.3% the previous three-month period, Turkey’s state statistics agency said on Monday. Economists in a Bloomberg survey were expecting annual growth of 3.2%.