March 11, 2019 / 7:14 AM / 4 months ago

Turkish economy contracts 3.0 percent in Q4, worse than forecast

ISTANBUL, March 11 (Reuters) - The Turkish economy contracted 3.0 percent year-on-year in the fourth quarter of 2018, official data showed on Monday, compared with a forecast of 2.7 percent shrinkage in a Reuters poll.

With a currency crisis knocking some 30 percent off the value of the lira last year, the economy grew 2.6 percent in 2018 as a whole, the lowest growth since 2009. It compares with a forecast of 2.55 percent growth in the poll.

Fourth quarter GDP shrank a seasonally and calendar-adjusted 2.4 percent from the previous quarter, the Turkish Statistical Institute data showed. The data also showed the economy had expanded 1.8 percent year-on-year in the third quarter, revised from a previously reported 1.6 percent. (Reporting by Daren Butler and Ezi Erkoyun; Editing by Jonathan Spicer)

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