Turkey: Industrial output records lowest growth since July 2020 in January
Industrial output rose 7.6% year-on-year in January (December: +14.4% yoy). The outturn marked the worst reading since July 2020. Looking at the details of the release, mining and quarrying output returned to growth in January, while manufacturing output decelerated.
Meanwhile, annual average industrial production growth fell to 17.2% in January (December: +17.5%), signaling a worsening trend in the industrial sector.
On a seasonally-adjusted month-on-month basis, industrial output contracted 2.4% in January, swinging from December’s 1.7% expansion and marking the first sequential drop in production since September 2021.