Industrial Production Data Announced: 6.2% year-on-year decline

According to data from the Turkish Statistical Institute, industrial production contracted by 6.2 percent in July, recording the sharpest decline after the pandemic.

Industrial production, which was expected to increase by 8 percent annually, increased by 2.4% on an annual basis, but decreased by 6.2% on a monthly basis. According to the report released by Turkish Statistical Institute today, the manufacturing industry sector index showed the highest contraction by 6.6%, while the mining and quarrying sector index contracted by 2.6% compared to the previous month. The index for electricity, gas, steam and air conditioning production and distribution sector decreased by 3.1%. Analysing the sub-sectors of industry, mining and quarrying sector index decreased by 10.5% in July compared to the same month of the previous year. The index for the manufacturing industry increased by 4.1 percent and the index for electricity, gas, steam and air conditioning production and distribution decreased by 6.8 percent.

The decline in retail sales continued.

Retail sales, which declined by 0.7% mom in June, decreased by 0.3% in July. The 1.5% decline in non-food sales (excluding automotive fuel) was effective in the last month's decline. Sales of automotive fuel increased by 1.8%, while sales of food, beverages and tobacco rose by 1.0%. Retail sales increased by 2% , showing the weakest performance since February 2021. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!