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Turkey Industrial production March 2023

Turkey: Decline in industrial activity softens in March

Industrial output slid 0.1% year on year in March (February: -8.2% yoy). March’s softer contraction was primarily due to a rebound in manufacturing production and a softer contraction in mining and quarrying output.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over two-year low of 2.8%, down from February’s 3.7% reading.

On a monthly basis, industrial production expanded 5.5% in seasonally adjusted terms in March (February: -5.9% mom s.a.).

March’s print reflects that the Turkish industrial sector reversed most of the deterioration caused by the earthquakes in February.

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