Turkey: Industrial output growth eases to two-year low in July
Industrial output expanded 2.4% compared to the same month of the previous year in July, which was a deterioration from June’s 8.8% increase. July’s outturn marked the worst reading since June 2020. Looking at the details of the release, mining and quarrying production plunged in July, and manufacturing output also grew at a softer pace.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 9.9% in July, down from June’s 10.5%.
On a monthly basis, industrial production nosedived 6.2% in July (June: +1.4% mom).