Turkey: Industrial activity contracts at sharper pace in October
Industrial output dropped 0.3% in month-on-month seasonally adjusted terms in October, which was a larger contraction than September’s 0.1% decrease. The result was primarily driven by a drop in manufacturing production. In addition, energy output contracted at a steeper rate.
On an annual basis, factory output rose at a more moderate pace of 1.1% in October (September: +4.1% yoy). Accordingly, annual average industrial production growth fell to 0.8% in October (September: +1.0%). This signals a worsening trend in the industrial sector.