Turkey industrial output falls for 11th month in July

Turkey’s industrial output dropped for an eleventh-straight month in July, official data showed.

Production fell by 1.2 percent compared with the same month of last year on a calendar-adjusted basis, the Turkish Statistical Institute said on Friday. Manufacturing output decreased by 1.3 percent, with production of durable and intermediate goods leading the decline.

Turkey’s economy is shrinking on an annual basis after a currency crisis battered financial markets in the summer of 2018. But quarterly data points to economic recovery after the government lent more to businesses and consumers via state-run banks, cut taxes and increased spending.

Industrial output rose 4.3 percent in July compared with June, according to seasonally and calendar-adjusted data, the institute said. That was the biggest increase since at least the summer of 2017 and the fifth month in seven that output rose on a monthly basis.