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Turkey's economy sinks into recession

Financial media say the Turkish economy is in recession, and Turkey refuses to renew the press cards of three German journalists.
People queue to buy vegetables at a tent set up by the Ankara metropolitan municipality in the Cankaya district of the Turkish capital, on February 13, 2019. - Confronted with persistently high inflation more than a month before local elections, Turkish authorities this week set up stands to sell vegetables at unbeatable prices in a bid to force markets to lower their prices. (Photo by Adem ALTAN / AFP)        (Photo credit should read ADEM ALTAN/AFP/Getty Images)

ANKARA, Turkey — The Turkish economy sank into recession in the fourth quarter of 2018, according to figures released by the national statistics authority March 11. The news is highly inconvenient to President Recep Tayyip Erdogan, who is campaigning vigorously for March 31 municipal elections in which voters are expected to express their anger over the soaring cost of food.

TurkStat said the fourth-quarter contraction was 3% year-on-year, and 2.4% from the previous quarter. By the seasonally adjusted, quarterly measurement, the economy also contracted in the third quarter of 2018 (by 1.6%), meaning that Turkey has suffered the two consecutive quarters of negative growth that characterize a recession.

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