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Natural gas & LNG

Middle East & Africa March 2019

Regional analysis & forecasts
Economic overview

Turkey is officially in recession and its economic prospects remain bleak, which will further hit the country’s gas demand.

Turkey’s economy shrank by 2.4% on a quarterly basis in Q4 2018, a much sharper contraction than the 1.6% decline seen in Q3 2018. The International Monetary Fund (IMF) forecasts the Turkish economy will expand by only 0.4% on an annual basis in 2019, weaker than its long-term average growth rate of 5.2%.

The economic upheaval is already hitting Turkey’s gas consumption and imports. With negligible domestic production,...