• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Turkish factory output and current account disappoint

September 13, 2021 by David Barret Leave a Comment

September 13, 2021

ISTANBUL (Reuters) – Turkish industrial output rose 8.7% year-on-year in July, much less than forecast after rebounding strongly in previous months, while the current account deficit was wider than expected, data showed on Monday.

The disappointing data came after a strong run in which rebounds in consumption, exports and tourism set the economy on a path to near 10% overall growth this year, leaving last year’s initial coronavirus fallout behind.

Month-on-month, industrial output shrank 4.2% in July on a calendar and seasonally adjusted basis, the Turkish Statistical Institute said.

In a Reuters poll, production was forecast to have risen 15.1% annually in July after output surged 23.9% in June.

Separate data showed a current account deficit of $683 million in July, compared with a poll forecast of $570 million.

The July balance had been expected to show a relatively small deficit, due largely to a partial recovery in tourism revenues. The deficit narrowed from $1.122 billion in June.

The lira was 0.3% stronger at 8.4580 against the dollar after the data. But it has shed 2.5% in the last four trading days and some analysts expect more volatility heading into a monetary policy meeting on Sept. 23.

Societe Generale on Monday said the lira would likely weaken to 8.85 by year end, adding the central bank increasingly risks making the mistake of cutting interest rates too early given political pressure for stimulus.

Many Turkish factories halted work in March last year, soon after the first COVID-19 infection was recorded. Output dropped 31.4% in April and 19.9% in May before a recovery began in June.

Throughout the pandemic Turkey imposed temporary curfews and business closures, including a tough but brief lockdown in April and May of this year. The measures were lifted in June.

(Reporting by Oben Mumcuoglu and Daren Butler; Editing by Jonathan Spicer)

Source Link Turkish factory output and current account disappoint

David Barret
David Barret

Related posts:

  1. Equity Monday: Women’s employment drops, as Delta’s drama continues
  2. Microsoft rolls out personalized news feed
  3. Daily Crunch: Hyundai to provide hydrogen fuel cell versions of all commercial vehicles by 2028
  4. Dollar near one-week top amid rise in yields, caution before ECB

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Did You Know The World’s Largest Waterfall Is Underwater?
  • Video Game Study Found Out What People Do When The World Ends, And It’s Exactly What You’d Expect
  • How Do We Predict The Weather? Find Out More In Issue 40 Of CURIOUS – Out Now
  • You Should Never Leave These Foods In Your Fridge Door (But We Bet You Do)
  • These Gullies On Mars Look Carved – We Might Finally Know What Created Them
  • Potential Environmental Trigger For Autism Identified, 3I/ATLAS’s Tail Appears To Have Changed Direction, And Much More This Week
  • Spaghetti Has Inner Secrets We’re Only Just Learning About
  • How Far Back In Time Could You Go And Still Understand English?
  • We Now Know How The First People Reached America – And It Wasn’t On Foot
  • Two Major Coral Species Now Functionally Extinct In Florida Keys, After Record-Breaking Marine Heatwave
  • A “Super-Earth” In The Habitable Zone Is Half The Distance To Comparable Worlds
  • Adorable But Critically Endangered Bornean Orangutan Born In Conservation Success
  • How Did The FDA Settle On The “2,000 Calories Per Day” Guideline?
  • Comet 3I/ATLAS Losing At Least Two Kangaroos’ Worth Of Dust Every Second
  • Mummified Dinosaur Duo Prove They Had Hooves, Marking “The First Confirmed Hooved Reptile”
  • What Do The Numbers On Your Toaster Really Mean?
  • NASA Vs. Elon Musk: Is A Moon Landing This Decade Off The Cards?
  • Scientists Explored Some Of The Deepest Parts Of The Ocean And Spotted Some Seriously Weird Deep-Sea Creatures
  • 500-Meter-Tall Megatsunami Struck Remote Alaskan Fjord After Massive Landslide
  • 3I/ATLAS, CKM Syndrome, And Mosquitoes’ Final Frontier
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version