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Turkey’s Economic Growth Slows Sharply

Turkey’s rate of economic growth slowed sharply to 2.2% in 2012, the Turkish statistics agency said, as weak domestic demand and spillover from the European debt crisis took its toll after two years of rapid expansion that rivaled China.

According to official figures issued Monday, Turkey’s gross domestic product expanded just 1.4% in the fourth quarter—almost half the consensus forecast of 2.7% and the lowest rate since 2009, when Turkey experienced shock from the market free fall following the collapse of Lehman Brothers.

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