According to the Turkish Statistical Institute, industrial production contracted by 4.7 percent year-on-year in June. The data is the sharpest contraction after the earthquake on an annual basis.
Among the subsectors of the industry 6.9% drop in the manufacturing index is eye-catching. On monthly basis, manufacturing index decreased by 3.1%.
Turkish economy is likely to post a mild qoq conraction in Q24 which will deepen in the second half of the year.