Turkey Industrial Output Rises At Slower Rate; Retail Sales Growth At 19-Month Low

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Turkey’s industrial production expanded at a slower rate in July, while retail sales growth eased to its lowest level in just over one-and-a-half years, data from the Turkish Statistical Institute showed on Tuesday.

Industrial production climbed a calendar adjusted 2.4 percent year-over-year in July, well below the 8.8 percent rise in June.

Further, the latest rate of increase was the slowest in the current sequence of growth that started in July 2020.

The overall growth in July was driven by a 4.1 percent rise in manufacturing output.

Meanwhile, mining and quarrying production registered a negative growth of 10.5 percent, and output produced in the utility sector was 6.8 percent lower compared to last year.

On a monthly basis, industrial production contracted a seasonally adjusted 6.2 percent from June, when it rose by 1.4 percent.

In a separate report, the statistical office revealed that annual retail sales growth eased to 2.0 percent in July from 5.4 percent in the previous month.

Moreover, this was the weakest rate of growth since December 2020, when it had risen 1.4 percent.

Non-food sales, except automotive fuel, grew 5.0 percent yearly in July, and food, drinks and tobacco sales gained 5.8 percent.

Retail sales via mail orders and internet grew sharply by 19.4 percent in July compared to last year, while sales of automotive fuel alone slid by 10.8 percent.

Month-on-month, retail sales dropped 0.3 percent in July, after a 0.6 percent decline in June. This was the second successive monthly fall.

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