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Article: Turkish economy shrank 13.8 percent in Q1
- Article from:
- AP Worldstream
- Article date:
- June 30, 2009
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Turkey's economy shrank by a painful 13.8 percent in the first quarter compared to the same quarter a year ago as foreign trade contracted sharply amid the global recession, the Turkish Statistics Institute announced on Tuesday.
Exports declined by 41 percent in the year to May while imports dropped by 43.9 percent, the institute said. Exports to European Union countries fell by 44.5 percent.
The government has been arguing that the country's economy will not be seriously affected by the global financial fallout, but the statistics showed that it has already taken a serious toll.
"The economy shrank beyond expectations," Ali Agaoglu, a finance analyst, said ...