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Industrial Production Data Misses Expectations, Erdogan to Announce Housing Plan

TURKEY
  • Industrial production data significantly missed expectations. Industrial output Y/Y rose 2.4% vs. Exp. 8.2%, while M/M dropped 6.2%. This marked the slowest annual IP rate in over 2 years. Retail trade data printed at 2.0% (Prior 5.5%), the lowest figure since Dec 2020.
  • Bloomberg estimate that the CBRT’s currency market interventions to prop up the lira have reached $75 billion so far this year. Furthermore, the bank’s recent rate cut will take a further toll on the currency with deeply negative net reserves providing limited room for further intervention.
  • Dunya report that European aluminium manufacturers, who have seen a decline in production in 2022, are turning to Turkish producers. Aluminium production in Europe fell to its lowest level since the 1970s as rising electricity prices increased costs of production. In Turkey, meanwhile, the exports of Ferrous and Non-Ferrous Metals in the January-August period increased by 30.4 percent compared to the same period of the previous year with aluminium exports the highest value sub-sector.
  • President Erdogan will announce the nationwide affordable housing plan at 1200 BST (1400 local time) today in Ankara. The housing project will be carried out by TOKİ and be implemented in 81 provinces. The buildings to be built under the project will be offered primarily to first-time home buyers on affordable payment plans. “Some of these properties will be given to pensioners, relatives of veterans, as well as newlyweds,” Erdogan said previously.
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