08:59 GMT04 December 2020
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    Turkey’s Gross Domestic Product (GDP) growth slowed in the first half of 2016 compared with the previous year due to a slower inventory build-up and a decline in net exports, the World Bank said in a report issued on Friday.

    WASHINGTON (Sputnik) — The report explained that the stagnation suggests Turkish GDP growth for 2016 will be below the 4 percent seen in 2015.

    "Inventory accumulation that led growth in the previous quarter slowed significantly in Q1 [the first quarter of 2016], bringing growth down," the report stated.

    Additionally, the report noted, Turkish imports grew faster than exports due to increased domestic consumption, causing a net negative impact on the economy.

    The negative trade developments were further exacerbated by security issues and a slump in tourism due to Russian sanctions, the World Bank added, while inflation is likely to increase in the second half of 2016.

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    Tags:
    economic slowdown, GDP drop, economy, World Bank, Turkey
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