February 28, 2020 / 7:21 AM / a month ago

Turkish economy grows 6% in Q4, more than expected

ISTANBUL, Feb 28 (Reuters) - The Turkish economy grew 6.0% year-on-year in the fourth quarter, beating expectations and rebounding strongly as it completely shook off the effects of recession following 2018’s currency crisis.

Compared to the third quarter, gross domestic product (GDP) expanded at a seasonally and calendar-adjusted 1.9% pace, the Turkish Statistical Institute data showed.

A Reuters poll forecast the economy would expand 5% year-on-year in the fourth quarter.

In 2019 as a whole, the economy grew 0.9%, compared with a poll forecast of 0.6% growth.

The major emerging market economy has a track record of 5% growth, but a 36% slide in the lira’s value in the last two years pushed up inflation and interest rates, while domestic demand tumbled. (Reporting by Daren Butler and Nevzat Devranoglu Writing by Ezgi Erkoyun Editing by Daren Butler)

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