Turkish output grows at slowest pace since June
Turkey’s industrial output growth fell to the lowest level since June after the lira slid against the dollar and inflation remained in double figures.
Production grew 7.6 percent in March from the previous year, expanding at a lower rate for the third straight month. Output of manufacturers rose 7.9 percent, while the electricity, gas, steam and air conditioning supply index increased 2.9 percent. Production in mining a quarrying climbed 10.7 percent, the Turkish Statistical Institute said on Wednesday.
The lira has slid to record lows against the dollar as investors became concerned that government stimulus meant that the economy was overheating. A weaker lira and higher interest rates, brought on by double digit inflation, makes imported raw materials more expensive to purchase and curtails the spending power of consumers.
Output rose 0.2 percent month-on-month from February.