Turkey: Industrial output growth eases to over two-year low in September
Industrial output expanded 0.4% compared to the same month of the previous year in September, which was a deterioration from August’s 1.1% increase. September’s outturn marked the worst reading since June 2020. Looking at the details of the release, mining and quarrying production plunged in September, and electricity, gas and steam production contracted as well. Growth in the manufacturing sector limited the headline moderation.
Meanwhile, the trend pointed up, with the annual average growth of industrial production coming in at 10.5% in September, up from August’s 8.8%.
On a monthly basis, industrial production contracted 1.6% in September (August: +2.5% mom).