Turkey entered a recession in the third quarter of this year, recent data showed, which may strengthen the Turkish central bank's desire to cut interest rates during its crucial meeting next month.
Turkey's $1.3 trillion economy fell about 0.2 percent quarter-on-quarter, the second straight drop after a revision of pre-period data also showed contraction. Annual growth for the third quarter was 2.1 percent, less than the 2.5 percent forecast by economists polled by Bloomberg.
The annual growth rate reflects a sharp decline, compared to the strong first quarter and an average of more than 5 percent before the pandemic, highlighting the impact of the high interest rate environment that has been in place for most of this year.
