ISTANBUL (Reuters) – Turkey’s economy is expected to have severely contracted nearly 12% in the second quarter due to the coronavirus lockdown, a Reuters poll showed on Friday, logging its worst year-over-year performance in more than a decade.
The median estimate in a Reuters poll of 14 economists was for an 11.8% contraction in gross domestic product (GDP), with estimates ranging from declines of 7.1% to 13.1%.
The Turkish economy grew 4.5% year-on-year in the first quarter of 2020, propelled by a lending spree just before the pandemic brought on a sharp downturn beginning in March.
The economy was near stand-still in the second quarter as Ankara shut schools and some businesses, closed borders and adopted weekend stay-home orders. Some factories were halted until the economy was mostly re-opened in June.
The second quarter plunge combined with a severe hit to the key tourism sector means the economy is also expected to shrink for the full year.
The median estimate of 14 economists was for a contraction of 1.9% in 2020, with predictions ranging between declines of 1% and 3.8%.
Turkey’s economy last contracted on an annual basis in the midst of the global great recession in 2009, by 4.7%. It shrank by 13.1% year-over-year in the first quarter of that year.
GDP growth had since averaged more than 5% on the back of cheap foreign funding and a construction boom, until a currency crisis in 2018 prompted another recession.
The central bank – which cut rates aggressively since mid-2019 – has held policy steady the last few months as the lira dropped to record lows, threatening bigger problems for the economy.
Seen as a precursor to growth figures, industrial production contracted 16.9% year-on-year in the second quarter. Since then, trade, capacity utilisation and business confidence indexes have gained traction.
The Turkish Statistical Institute will release the GDP data for the second quarter at 0700 GMT on Aug 31.
(Reporting by Ezgi Erkoyun; Writing by Ece Toksabay; Editing by Jonathan Spicer)
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
