Turkey: Industrial output growth eases to over two-year low in August
Industrial output expanded 1.0% compared to the same month of the previous year in August, which was a deterioration from July’s 2.5% increase. August’s outturn marked the worst reading since June 2020. Looking at the details of the release, mining and quarrying production plunged in August, 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 August, up from July’s 9.9%.
On a monthly basis, industrial production rebounded and expanded 2.4% in August (July: -6.1% mom).