The stock market day: Turkish economy slows down sharply

The stock market day
The Turkish economy is slowing down sharply

02.09.2024, 13:07

The Turkish economic growth Lost momentum in the second quarter. This is a sign that the restrictive monetary policy is cooling the overheated economy and causing inflation to soar. Gross domestic product (GDP) grew by 2.5 percent year-on-year between April and June, the statistics office announced. This is the weakest result since the Covid-19 pandemic. Compared to the previous quarter, GDP rose by only 0.1 percent.

Consumer price inflation, which had risen to dizzying heights in recent years, has gradually eased as a series of small interest rate hikes begun last year have slowed the Turkish economy.