Economy
Türkiye's industrial output falls more than expected
Industrial production decreases 3.9% from year ago in July, marking its 2nd consecutive month of decline
Tuba Onğun |
10.09.2024 - Update : 10.09.2024
ANKARA
Türkiye's industrial output dropped 3.9% year-on-year in July, faster than expected, according to data released on Tuesday.
Production posted a sharp fall for electricity, gas, steam, and air conditioning supplies by 8.2% and manufacturing by 5.1% compared to last year, Turkish Statistical Institute (TurkStat) data showed.
The mining and quarrying, on the other hand, grew by 3.3% at an annualized pace in July.
On a monthly basis, industrial production ticked up 0.4% in July, switching from a 2.4% decline in June.
The mining and quarrying index rose 2.1% month-on-month in July, while the manufacturing sector edged higher 0.5%.
Electricity, gas, steam, and air conditioning supply index dropped 1.9% in the same period.
