Turkey posts weak factory output, high account deficit in July
Turkey recorded a year-on-year increase of 8.7% in its industrial output in July. However, it hugely missed forecasts after a strong rebound in recent months. Latest data also showed the country’s higher-than-expected account deficit.
According to the Turkish Statistical Institute, industrial output declined 4.2% month-on-month in July on a calendar and seasonally adjusted basis.
The unfavorable reading came after an overall growth of almost 10% this year driven by a rebound in consumption, exports, and tourism.
Production was predicted to rise 15.1% annually in the same month as output grew 23.9% in June.
Meanwhile, another data highlighted a $683 million account deficit in July, exceeding analysts’ forecast of $570 million. The gap shrank from June’s $1.122 billion.
A modest recovery in tourism fuelled expectations on relatively small deficit in July.