Turkey dodges recession, but annual growth rate halved

2 April, 2017 12:00 AM printer

ANKARA: Turkey dodged a recession as the economy returned to growth in the last three months of the year, data showed Friday, but its annual growth rate slowed sharply.


The Turkish economy rebounded with 3.8 percent growth in the final quarter of the year compared with the previous three month period, when it shrank by 2.7 percent on a seasonally and calendar adjusted basis, according to the Turkish Statistics Office (TUIK).


Gross domestic product (GDP) expanded by 2.9 percent in all of 2016, which is considerably lower than the 6.1 percent growth rate in 2015, reports AFP.


Last year's growth was nevertheless better than the 2.3 percent consensus forecast of 18 economists surveyed by the state-run Anadolu news agency.