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Turkey's GDP declined in the fourth quarter by 2.4%, taking into account seasonal fluctuations, official data showed. The index coincided with the forecasts of economists. In the previous quarter, the decline in GDP was 1.1%. Thus, the decline of the Turkish economy for two quarters in a row indicates a state of technical recession, which is observed in the country for the first time in a decade. Compared to the last quarter of 2017, the Turkish economy contracted by 3%, which was recorded for the first time in more than 2 years. In the previous quarter, GDP grew by 1.8%. The statistical report for 2018 showed, nevertheless, economic growth by 2.6%, while in 2017, GDP increased by 7.4%. Analysts expect a further decline in the Turkish economy during the first half of the year.
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for ...
The second quarter had seen South Korea slipping into recession. This came to be the country’s sharpest economic downturn in more than two decades as the novel coronavirus crisis weighed on exports and social distancing measures halted ...
After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite ...
The second quarter likely saw South Korea’s economy hitting its sharpest downturn in over two decades, a Reuters survey showed on Tuesday. This was mainly from the pandemic dragging the labor market, consumer spending, and global export ...
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