Turkey industrial output drops most in almost 3 years

Turkey’s industrial output fell the most on a monthly basis in almost three years, official data showed.

Seasonally and calendar-adjusted output slid 3.7 percent in June from May, the Turkish Statistical Institute said on its website on Friday. That was the biggest decline since July 2016. Manufacturing output fell by 4.2 percent, led by a 9.9 percent slump in production of capital goods.

Output dropped by 3.9 percent on an annual basis, the 10th straight yearly decline.

Turkey’s economy is recovering tentatively from a currency crisis in 2018 that ravaged economic growth and plunged the country into a recession. The government has sought to combat the downturn with tax cuts, lower interest rates and higher spending.

Industrial output dropped by 3 percent in the second quarter from the same period of last year, the institute said. It rose by 0.5 percent from the first quarter of 2019 on a seasonally and calendar-adjusted basis, it said.

Turkish industrial production
Source: Turkish Statistical Institute
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