Turkey’s industrial production falls for 10th consecutive month: report
Turkish industrial production fell for the 10th consecutive month in June, data released on Friday showed, offering few signs of a pick-up in economic growth as domestic demand remains weak after last year’s currency crisis, Reuters reported.
Industrial output began to decline after the currency slump which saw the lira lose nearly 30 percent against the dollar and tipped the economy into recession in the last quarter of 2018 and first quarter of this year. Second quarter GDP figures are released on Sept 2.
Industrial production on a calendar-adjusted basis contracted 3.9 percent year-on-year in June, the Turkish Statistical Institute (TurkStat) said, more than had been expected, and 3 percent in the second quarter of 2019 as a whole.
The manufacturing industry index fell 4.2 percent month-on-month, while the mining and quarry sector index rose 2.4 percent. The recent industrial production data has been volatile, and economists tend to look at the wider trend by looking at the average of several months.
Turkey’s PMI index rose to an 11-month high in June due to a smaller slowdown in output and new orders, according to a business survey, which also showed manufacturing activity had contracted for the 15th month in a row.