Key economic data suggests Turkey turning corner
Slowing inflation and a smaller-than-expected contraction in the economy could mean Turkey is emerging from a year-long downturn.
ISTANBUL — Better-than-expected economic data this week signaled Turkey may be turning the page on a painful downturn that has left millions out of work and sparked a voter backlash against President Recep Tayyip Erdogan’s ruling party in nationwide municipal elections earlier this year.
On Tuesday, official data showed inflation had reached 15% in August — its lowest level in more than a year, beating a forecast of 15.5% in a Reuters survey. The easing was helped by declines in the prices of transportation, clothing and food, according to the state statistics agency.
