08:59 GMT04 December 2020
Listen Live
    Get short URL
    0 73

    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.


    Implementation of Akkuyu NPP, Turkish Stream Projects Important - Ankara
    Turkey Boosts Security Near Closed French Consulate General in Istanbul
    Turkey Adopts More Tender Attitude Towards Syria
    Russia Unlikely to Lift Turkish Food Embargo in Near Future - Minister
    Egypt to Cooperate With Turkey Given Ankara's Non-Interference
    Shifting Allegiances: Did Turkey Just Give Up on Toppling Assad?
    Standoff Didn't Stop Turkey, Russia From Working Together on Nuclear Power
    Ankara Should Normalize Ties With Damascus to Fight Terrorism - Turkish PM
    Turkish Economy Minister Plans to Raise Trade With Russia to $100Bln
    France Closes Embassy, Consulate in Turkey for 'Security Reasons'
    Germany Warns Could Withdraw Troops From Turkish Incirlik Airbase
    Russia-Turkey Thaw 'is of Great Importance' to a More Stable Middle East
    economic slowdown, GDP drop, economy, World Bank, Turkey
    Community standardsDiscussion