turkish economy

Turkey Rejigs GDP Calculations as Output Falls for First Time Since 2009

By Daren Butler and Nevzat Devranoglu ISTANBUL/ANKARA, Dec 12 – On paper at least, 79 million Turks got a near 20 percent boost to their average standard of living on Monday when the government rejigged GDP calculations, a change unlikely to stem frustration about an economy now in contraction. Turkey, which restated its gross domestic

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Bad Loans and Bankruptcies Sound the Alarm for Turkey’s Economy

By Asli Kandemir ISTANBUL, May 4 – After years of growth fuelled by credit and domestic consumption, bad debts and bankruptcies are rising in Turkey, squeezing banks and exposing a fragile real economy which risks denting support for the ruling AK Party. In its first decade in power, the AKP, founded by President Tayyip Erdogan,

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