Turkey’s economy slides into recession
Turkey went into recession at the end of last year, according to the country’s official statistics office.
The Turkish Statistical Institute said the economy shrank by 2.4% in the fourth quarter of 2018, from the previous quarter.
It followed a 1.6% drop the previous quarter, making two quarters of falling growth – the definition of recession.
A trade war with the US sparked a steep fall in Turkey’s currency, making imports far more expensive.
The two countries are opposed on a range of issues including how to fight the Islamic State group in Turkey’s neighbour Syria, Turkey’s plans to buy Russian missile defence systems and how to punish the alleged plotters of a failed coup in Turkey in 2016 which attempted to topple President Recep Tayyip Erdogan.
Turkey also wants the extradition of a Turkish cleric now living in the US who it has charged with terrorism and espionage.