Turkey's industrial production slips in July

ANKARA (AA) – Turkey's adjusted industrial production decreased 1.4 percent in July compared to a month earlier, the country's statistics agency, TurkStat, announced Monday.

However, Turkey’s annual calendar adjusted industrial production increased by 1.1 percent in July compared to the same month last year.

The manufacturing index dropped 2.4 percent while electricity, gas, steam and air conditioning supply output and the mining and quarrying index increased by 2.1 percent and 6.3 percent respectively for the same period.

Non-durable consumer goods saw the largest decrease, of 4.8 percent, according to the Main Industrial Groupings.

KapitalFx analyst Enver Erkan said: "Industrial production in Turkey is remaining well-below market expectations, which was a 3.7 percent hike."

Erkan noted that such data were normally expected in the slow summer months "but we expected to see this in the third quarter of the year".

"We expect that Turkey’s growth rate will be at 3.4 percent for the second quarter and 3.5 percent in 2016," Erkan said.