Turkey’s econ­omy slow­ing down

China Daily (USA) - - BUSINESS -

Turkey’s gross do­mes­tic prod­uct ex­panded by 3.1 per­cent in the sec­ond quar­ter of 2016 year on year, slower than the first quar­ter, ac­cord­ing to a state­ment by the Turk­ish Sta­tis­ti­cal In­sti­tute. TheQ2 GDP to­taled 33.06 bil­lion lira ($11.4 bil­lion), up 3.1 per­cent from the pre­vi­ous year, but lower than the pre­vi­ous forecast of around 3.4 per­cent. The state­ment showed that the Q1 GDP was down­graded 0.1 per­cent­age point to 4.7 per­cent, from the pre­vi­ously an­nounced 4.8 per­cent. Fol­low­ing the re­lease of the Q1 fig­ures, many econ­o­mists agreed that the fol­low­ing quar­terly growth rates would stand at around 3 per­cent, tak­ing into ac­count pos­si­ble fluc­tu­a­tions in the over­all frame­work.

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