Turkish June industrial output falls more than expected, down 3.9%

Credit: REUTERS/OSMAN ORSAL

Turkish calendar-adjusted industrial production fell 3.9% year-on-year in June, the Turkish Statistical Institute said on Friday, logging its tenth consecutive month of decline

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ANKARA, Aug 16 (Reuters) - Turkish calendar-adjusted industrial production fell 3.9% year-on-year in June, the Turkish Statistical Institute said on Friday, logging its tenth consecutive month of decline

Considered a pre-cursor to growth data, industrial output began to decline in the wake of last year's currency crisis which tipped the economy into recession.

In a Reuters poll, the calendar-adjusted industrial output figure was forecast to fall 1.01% year-on-year. Month-on-month, industrial production was down 3.7% in June on a calendar and seasonally adjusted basis, the statistical institute said.

The manufacturing industry index fell 4.2% month-on-month, while the mining and quarry sector index rose 2.4%.

Turkey's economy contracted in the fourth quarter of 2018 and the first quarter this year as the lira crisis and high interest rates weighed on the major emerging market.

Turkey's industrial output contracts 3.9% year-on-year in Junehttps://tmsnrt.rs/2YRGay9

(Reporting by Nevzat Devranoglu Writing by Daren Butler and Ali Kucukgocmen Editing by Dominic Evans)

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