Turkey industrial output slides for sixth month
Turkey’s industrial production declined for a sixth-straight month in February as an economic downturn in the country persisted.
Output fell by 5.1 percent from February 2018, led by a fall in production of intermediate and capital goods, the Turkish Statistical Institute said on its website on Tuesday. Production in the manufacturing sector dropped an annual 5.5 percent.
Production was expected to fall 6.5 percent, according to a Reuters poll of seven economists. Bloomberg predicted a decline of 6.2 percent in its survey.
Turkey’s economy entered a technical recession in the second half of last year – defined as two straight quarters of negative quarter-on-quarter growth – prompting the government to introduce tax cuts and more help for indebted consumers and businesses.
Production of intermediate goods slumped 9.7 percent on an annual basis, while output of capital goods decreased 7.8 percent. Durable consumer goods such as washing machines saw an increase of 5 percent, while output of non-durable items fell 0.5 percent, the figures showed.
On a monthly basis, industrial output increased 1.3 percent from January. Manufacturing rose 1.4 percent month-on-month, the institute said.