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Industrial Production Falls 1.3% Y/Y, Missing Expectations

TURKEY
  • Removal of Cihat Isbasar, the chairman of the national accounts directorate, was part of an internal rotation and unrelated to data realizations, according to a TurkStat statement, state-run Anadolu Agency reports. Yesterday, Bloomberg reported that his dismissal followed a worse-than-expected GDP print, citing anonymous individuals.
  • Data-wise, industrial production fell 1.3% Y/Y (Est. -1.0%) and 1.1% M/M (Est. -0.9%) in November, down from an upwardly revised +3.2% in October. The unemployment rate remained unchanged at 10.2%.
  • President Erdogan will speak in Ankara today at 1100 GMT/1400 local time while foreign minister Cavusoglu holds a joint presser with his South African counterpart. There are no more data releases left of the docket today ahead of tomorrow’s current account balance data release (Exp. -$4.00b; Prior -$0.36b).

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