Economics
Turkey’s Economy Set to Shrink For First Time Since Pandemic
- Economists see 0.2% quarterly decline in third-quarter GDP
- Turkey’s central bank has kept rates at 50% to tame inflation
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Turkey’s economy probably contracted on a quarterly basis for the first time since the Covid-19 pandemic as high interest rates start to bite.
Data due Friday is expected to show a 0.2% decline in gross domestic product in the three months through September, according to the median estimate of economists polled by Bloomberg. The $1.2 trillion economy is still forecast to have grown 2.5% year-on-year, in line with the second quarter.