NEW YORK (MarketWatch) — Turkey’s economic growth slowed down sharply in the second quarter of the year. GDP growth fell to 1.9% year-on-year in the second quarter, down from 6.7% in the first quarter, the Turkish Statistical Institute reported Wednesday. The figure was well below market expectations of 3.7%. “The slowdown in the economy is relatively broad-based with consumers and investors suffering from the lagged impact of higher inflation and the global credit crunch, while exporters are suffering from the slowdown in the global economy,” said Lars Christensen, chief analyst at Danske Bank, in a research note. In Istanbul, the IMKB-100 stock index fell 2.1% in intraday trading.
Turkey’s economic growth falls sharply in second quarter – MarketWatch.