Turkey: Industrial activity contracts at sharper pace in April
Industrial output dived 5.0% in month-on-month seasonally adjusted terms in April, which was a larger contraction than March’s 0.1% decrease. April’s figure marked the worst reading since February 2023. The downturn was largely driven by a deterioration in manufacturing output. In contrast, mining and quarrying production gained steam.
On an annual basis, industrial output fell 0.6% in April (March: +4.5% yoy), the worst result since April 2023. That said, the trend improved slightly, with the annual average growth of industrial production coming in at 3.3% in April, up from March’s 3.2%.