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Turkey Industrial production November 2023

Turkey: Industrial activity contracts at sharpest rate since February in November

Industrial output decreased 1.4% month-on-month in seasonally adjusted terms in November (October: -0.3% mom), marking the worst reading since February. November’s sharper drop was partly driven by a stronger contraction in manufacturing production. In addition, mining and quarrying output fell.

On an annual basis, industrial production rose at a more moderate pace of 0.2% in November (October: +1.2% yoy), the worst result since June. Meanwhile, the trend improved modestly, with the annual average growth of industrial production coming in at 1.0% in November, up from October’s 0.9% reading.

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