Forex News

Turkey's industrial output declined for the third month in a row

Industrial production in Turkey declined for the third month in a row and at a faster pace than expected, according to data from the Turkish Institute of Statistics, published on Monday.
Industrial production with a calendar amendment fell by 6.5 percent on an annualized basis in November, after falling by 5.7 percent in October. Economists had expected a decline of 5.1 percent.
Manufacturing output fell by 7.1 percent. Utilities were down 1.8 percent, followed by mining production, with a fall of 1.1 percent.
The production of durable goods increased by 10.0 percent in November, while the production of intermediate goods decreased by 11.9 percent.
Compared to the previous month, industrial output fell by 0.3 percent in November, after falling 1.9 percent in the previous month. Economists had expected an increase in production of 0.2 percent.