Turkey: Industrial activity deteriorates in July
Latest reading: Industrial output fell 1.8% in month-on-month seasonally adjusted terms in July, which contrasted June’s 0.8% increase. July’s notable weakening was partly driven by a deterioration in manufacturing production. In contrast, mining and quarrying output dropped at a more moderate pace.
On an annual basis, factory output rose at a softer pace of 5.0% in July (June: +8.5% yoy). Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at 1.9% in July, up from June’s 1.1%.