Turkey’s industrial production slows down in October
State Statistics of Institute (DIE) said that
Turkey's industrial
production rose by just 1.5% from a year earlier in October. This rate is below the market expectation of 3.5%.
The maintenance in one of the refineries of TUPRAS has been extended into the mid of October and refining output showed a decline of 8.6% year-on-year due to the situation. Additionally, the Ramadan period also dragged down the figures.
Automotive sectors output, the main driver of industrial
production, rose by just 6.9% year-on-year. Iron and steel output climbed by 6.6% from a year earlier while chemicals output rose by 7.9%.
These modest increases indicate that the strong domestic demand in the previous months started to slow down and exports, which remain at record highs, will continue to fuel the figures.
Under these circumstances, economists expect GDP (Gross Domestic Product) growth to decelerate in the last quarter.