3.3 Turkey

Being affected by the global financial crisis, the Turkish economy slowed greatly from the second half of 2008. It showed 14.7% and 7.9% drops in the first and second quarters of 2009 respectively from the previous year. A breakdown of GDP growth rates in the second quarter in all industrial sectors shows that 11.2%, 12.2%, and 15.4% drops were recorded respectively in the manufacturing, transportation/telecommunication, and wholesale/retail sectors, while a 7.5% rise was recorded in the financial sector.