Uptick in Turkish exports, tourism comes at a price
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Mustafa Sonmez September 25, 2019
ARTICLE SUMMARY
Increased export and tourism revenues have helped limit the Turkish economy’s contraction in the second quarter, but the improved numbers have come at the expense of price cutting, economic data show.
REUTERS/Murad SezerTourists walk as they leave the Byzantine-era monument of Hagia Sophia, now a museum, in Istanbul, Turkey, May 31, 2019.
A notable aspect of the crisis-hit Turkish economy in recent months is the improvement in exports and tourism, which, along with increased public spending, has helped limit the second-quarter contraction to 1.5%. The uptick, however, has come at a price, with exporters and the tourism industry cutting prices, atop the sharp depreciation of the Turkish lira.
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