A street vendor stands next to his stall in Istanbul. Reuters
One in every eight Turkish lira is now generated by the nation’s travel and tourism sector. According to a recent report, the tourism sector contributed TL461.3 billion ($95.6 billion) to the country’s economy in 2018,
The Turkish economy shrank sharply year on year for the second straight quarter in early 2019, laying bare the impact of a punishing currency crisis and soaring inflation and interest rates against a tense political backdrop.
Turkish industrial production fell for the tenth consecutive month in June, data showed, offering few signs of a pick-up in economic growth as domestic demand remains weak after last year’s currency crisis.
The benchmark Nikkei 225 index gave up 0.39 percent or 88.21 points to 22,329.94, but made a weekly gain of 2.86 percent, driven up by robust US shares.The broader Topix index lost 0.20 percent or 3.14 points to 1,546.74, but advanced 3.39 percent over the week.
The blue-chip FTSE 100 was down 0.1%, The mid-cap FTSE 250 dipped 0.3%, with losses in industrial, energy and tech-related stocks.
US West Texas Intermediate (WTI) crude futures slipped 17 cents, or 0.41%, to $41.78 a barrel by 0651 GMT, while Brent crude fell 17 cents, or 0.38%, to $44.92. Both contracts had traded higher earlier in the day.
Global equity markets slipped and bond yields fell on Thursday as investors awaited an agreement on a US aid package to mitigate the fallout from the coronavirus crisis, with poor corporate earnings reports also weighing on European shares.