{"id":8412,"date":"2019-03-11T08:25:19","date_gmt":"2019-03-11T08:25:19","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/turkeys-economy-slides-into-recession\/"},"modified":"2019-03-11T08:25:19","modified_gmt":"2019-03-11T08:25:19","slug":"turkeys-economy-slides-into-recession","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/turkeys-economy-slides-into-recession\/","title":{"rendered":"Turkey&#8217;s economy slides into recession"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"People on Bosphorus bridge\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/15E7F\/production\/_105972798_mediaitem105972795.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">EPA<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">Turkey went into recession at the end of last year, according to the country&#8217;s official statistics office.<\/p>\n<p><a href=\"http:\/\/www.turkstat.gov.tr\/PreHaberBultenleri.do;jsessionid=tM1xcGJTjVhLQv2JDjQDRg2PwKJQLxLpXq1CWCvFlwrfyJWSj9Qy!-1142423911?id=30886\" class=\"story-body__link-external\">The Turkish Statistical Institute said the economy<\/a> shrank by 2.4% in the fourth quarter of 2018, from the previous quarter.<\/p>\n<p>It followed a 1.6% decline in the previous quarter, making two quarters of falling growth &#8211; the official definition of recession.<\/p>\n<p>A currency crisis has hit the Turkish economy.<\/p>\n<p>Turkey&#8217;s lira fell by 30% against the dollar last year, making imports on average a third more expensive.<\/p>\n<p>That prompted the central bank to raise interest rates, making borrowing more expensive.<\/p>\n<p>Car and housing sales suffered as a result and industrial production was also hit.<\/p>\n<p>The final quarter&#8217;s data leaves economic growth of 2.6% overall for 2018, the slowest since 2009. <\/p>\n<p>Turkey&#8217;s economy grew by a far faster 7.4% in 2017.<\/p>\n<p>The news comes as Turkish President Recep Tayyip Erdogan, fights to keep his party in control of key cities Ankara and Istanbul in nationwide local elections. <\/p>\n<p>Rising prices, especially for food, and high unemployment, are major election issues.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-47522338\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright EPA Turkey went into recession at the end of last year, according to the country&#8217;s official statistics office. The Turkish Statistical Institute said the economy shrank by 2.4% in the fourth quarter of 2018, from the previous quarter. It followed a 1.6% decline in the previous quarter, making two quarters of falling growth &hellip; <\/p>\n","protected":false},"author":0,"featured_media":8413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=8412"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/8413"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=8412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=8412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=8412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}