Turkey’s major automative company to stop production for 9 days in October
Tofaş, one of the major automotive companies in Turkey, announced that its factory in the western province of Bursa will take a 9-day break to production, economics news site Patronlar Dünyası reported on Thursday.
“As a result of the recent recession in the domestic market, our company’s Bursa plant will stop production for a total of 9 business days in October,” the company said in its statement.
Turkey has been experiencing an economic downturn, with the lira losing almost 40 per cent in value against the dollar this year and widespread concerns about structural problems with the economy.
The New Economic Plan unveiled last week by the Minister of Treasury and Finance, Berat Albayrak, estimates a sharp economic slowdown in the next three years, with GDP growth to be slowed down to 2.3 percent in 2019.
Business confidence in Turkey fell to the lowest level since April 2009, according to a monthly survey published by the central bank on Monday.