FX.co ★ Turkey Industrial Production Declines 5.3%

Turkey's industrial production experienced a decline for the third consecutive month in August, according to data released on Thursday by the Turkish Statistical Institute.

In August, industrial production saw an annual reduction of 5.3%, a sharper drop compared to the 4.0% decrease recorded in July. Both the manufacturing and mining sectors observed a decline of 5.4% in output. Conversely, there was a 1.6% increase in the production of electricity, gas, steam, and air conditioning supplies.

On a monthly basis, industrial production diminished by 1.6% following a slight recovery of 0.3% in July.

Additional data from the statistical office indicated a decrease in the unemployment rate to 8.5% in August, down from 8.8% in July. The number of unemployed individuals fell to 3.055 million in August from 3.144 million the previous month.