Turkish economy registers strong rebound from recession

The Turkish economy grew 6 percent year-on-year in the fourth quarter and nearly 1 percent in 2019 as a whole, data showed Friday, beating expectations with a strong rebound from recession as it shakes off the effects of the 2018 currency crisis.

The data marked a sharp turnaround for the emerging market economy, which has a track record in the past two decades of about 5 percent growth but has been hit by a nearly 40 percent slide in the lira’s value since the beginning of 2018.

Compared with the third quarter, Turkey’s gross domestic product expanded at a seasonally and calendar-adjusted rate of 1.9 percent, Turkish Statistical Institute data showed. [Reuters]