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Industrial Production Falls 0.1% y/y; Unemployment Rate Unchanged

TURKEY
  • Calendar adjusted industrial production fell 0.1% y/y (Est: +0.5%) in March versus a 8.2% contraction in February. The monthly figure rose 5.5% m/m (Est: +2.7%) versus a revised -5.9% prior.
  • Turkey’s adjusted unemployment rate was unchanged at 10% in March from February, according to data released by the Turkish Statistical Institute.
  • The flat course of USD/TRY and rising costs have reduced exporters’ profitability, Ekonomi report. Sector representatives say that exporters, who want the exchange rate to reflect high levels of inflation, are asking for support for financing in these conditions and for implementing moves that will ultimately reduce dependency on imports.
  • Turkey’s state oil company TPAO plans to open up to 20 oil rigs in the southeastern province of Sirnak following a large oil find in the Gabar area, the company’s CEO has said as per Hurriyet, adding that some 200 oil drilling rigs are also being planned across the country.
  • Foreign ministers of Turkey, Syria, Russia and Iran meet in Moscow today while defense officials will meet in Istanbul to discuss an extension of the Ukraine grain deal. Various political figures and opposition candidates will be speaking this afternoon in the run up to the elections.
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