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Turkey's GDP in the first quarter continued to decline, dropping in annual terms by 2.6%, the Turkish Statistical Institute reported. In the fourth quarter, the economy shrank by 3%. Economists had expected GDP to decline by 2.5% in the first quarter. In the specified period, the country recorded a decrease in consumer spending by 4.7%, with an increase in government spending by 7.2%. The seasonally adjusted Turkish economy rose by 1.3% from the previous quarter. Prior to that, during the previous three quarters, it had been falling. The currency crisis that began last summer continues to affect investment and consumption in the country. Since the beginning of 2019, the Turkish national currency has depreciated against the US dollar by 13%, last year lira lost 30%. According to the Turkish government, the country's GDP will increase in 2019 by 2.3%.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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