Turkey’s economy slowing down

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.