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Industrial Production Falls 6.0% m/m (Est: +2.0%)

TURKEY
  • Turkey’s seasonally and calendar adjusted industrial production fell 6.0% m/m (Est: +2.0%) in February versus a revised +2.0% in January, according to data released by the Turkish Statistical Institute this morning. The yearly figure fell 8.2% y/y (Est: +1.5%) versus a revised +4.6% in January.
  • The disappointing data follows yesterday’s 10.0% unemployment rate print and $8.78bln current account shortfall (Est: -$8.45bln).
  • Although the fear of a steep TRY weakening after the elections has pulled demand forward in some sectors, the continued decline in commodity prices, the return of Chinese competition and the continued negative impact of the earthquake made the slowdown in manufacturing industry more evident, Ekonomi report.
  • President Erdogan will announce his party’s election declaration at 1200BST/1400 local time at a speech in Ankara. There are no other major data releases scheduled today.

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