Turkey: Industrial output drops at sharpest rate since May 2020 in February
Industrial production nosedived 8.2% year on year in February (January: +4.6% yoy). February’s result marked the worst reading since May 2020. Looking at the details of the release, mining and quarrying output shrank at a faster pace in February, and manufacturing output swung to contraction.
Meanwhile, annual average industrial production growth fell to 3.7% in February (January: +5.4%), signaling a worsening trend in the industrial sector.
On a monthly basis, industrial production shrank 6.0% in seasonally adjusted terms in February (January: +2.0% mom s.a.).
February’s severe downturn was chiefly driven by the earthquakes that hit the country during the month. The main factors that hampered industrial output were supply disruptions and infrastructure damage.