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Turkish economy shrinks for first time since 2009

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Staff Writer | December 13, 2016
Turkey's GDP fell by 1.8 percent in the third quarter of 2016 compared to the same quarter of the previous year, the Turkish Statistical Institute (Turkstat) said.
Turkish economy
Turkey   GDP stood at 655.4 billion Turkish liras
It marks the first year-on-year decline in quarterly economic growth since 2009, local Hurriyet Daily News reported.

This followed growth of 3.1 percent in the second quarter of the year, according to official data.

GDP stood at 655.4 billion Turkish liras ($186.5 billion) at current prices.

On the expenditure side, household spending dropped by 3.2 percent in contrast to a 3.7 percent rise in the second quarter. Exports also plunged 7 percent, while imports climbed 4.3 percent.

The production-side breakdown of the GDP showed that the agriculture sector shrank 7.7 percent and industry output fell 1.4 percent. In the meantime, services output dropped sharply by 8.4 percent.

The last time Turkish economy shrank was in the third quarter of 2009 with a 2.8 percent decrease in GDP.

Turkstat also changed its calculation method by switching into the chain linked volume index, revising its second-quarter growth to 4.5 percent from 3.1 percent and first-quarter growth to 4.5 percent from 4.7 percent.