Economic IndicatorsTop News

Turkish industrial production plunged 17% in April as pandemic took hold: Reuters poll

imageEconomic Indicators9 hours ago (Jun 09, 2020 10:10AM ET)

(C) Reuters.

ISTANBUL (Reuters) – Turkey’s industrial production is expected to have contracted 17% annually in April due to a severe economic downturn brought on by measures to stem the spread of the novel coronavirus.

Turkey identified its first case of the coronavirus in the country on March 11, and soon after imposed strict measures to slow the spread. Many factories temporarily halted operations.

Industrial production contracted 2% in March, compared to expectations of 1.8% expansion in a Reuters poll.

The median estimate in a Reuters poll of seven institutions showed a year-on-year contraction of 17% of the calendar-adjusted industrial production index in April.

Forecasts ranged between contractions of 9.5% and 28%.

Turkey’s economy expanded by 4.5% in the first quarter of 2020, remaining below expectations. It had contracted annually in the three quarters to the middle of 2019, with growth surging in the final quarter of the year.

Industrial production, viewed as a pre-cursor to growth figures, had expanded for six consecutive months before March after contracting annually for 12 straight months.

The government had forecast 5% growth in 2020 before the coronavirus outbreak. Officials say Turkey could still end the year with positive growth, with the second quarter expected to be hit the most by the pandemic.

Analysts expect the impact of the coronavirus outbreak to tip the economy into its second recession in as many years.

The Turkish Statistical Institute will announce industrial production figures for April on June 12 at 0700 GMT.

Turkish industrial production plunged 17% in April as pandemic took hold: Reuters poll

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close