ANKARA: Turkey’s Gross Domestic Product (GDP) growth slowed in the first half of 2016 compared with the previous year due to a slower inventory build-up and a decline in net exports, the World Bank said in a report issued on Friday. The report explained that the stagnation suggests Turkish GDP growth for 2016 will be below the 4 percent seen in 2015.
Additionally, the report noted, Turkish imports grew faster than exports due to increased domestic consumption, causing a net negative impact on the economy. The negative trade developments were further exacerbated by security issues and a slump in tourism due to Russian sanctions, the World Bank added, while inflation is likely to increase in the second half of 2016.
