Turkey: Industrial output nosedives in April
June 12, 2020
Industrial production dropped 31.4% year-on-year in April (March: -1.7% yoy). April's figure was largely due to a sharper fall in mining and quarrying production which fell at the sharpest pace since January 2015. In addition, manufacturing output fell by a third. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.5%, contrasting March's plus 1.8% reading.
On a seasonally- and calendar-adjusted monthly basis, industrial output contracted 30.4% in April, down from March’s 7.1% fall.
This year, industrial activity is expected to shrink due to the economic impact of Covid-19, which has extinguished economic activity. The duration of restrictive measures remains uncertain and will have a key bearing on the return of domestic and foreign demand