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Industrial Production Slips to Slowest Rate Since Pandemic

TURKEY
  • Industrial production data came in well below expectations for September, dropping at a rate of 1.6% on the month (vs. Exp. -0.2%) and slowing the Y/Y rate to 0.4% (vs. Exp. 3.3%). This marks the slowest rate since the pandemic in 2020.
  • Alongside the IP numbers, the current account balance deteriorated, with the deficit slipping to $2.966bln vs. Exp. -$2.5bln. The flight of international investors stands out, with portfolio investments seeing an outflow of $3.4bln.
  • Organisation among opposition parties may pick up next week, with alliance negotiations seen taking place on November 14th. Milliyet reports that next week’s meeting is being hosted by the DEVA Party and will include all six main opposition party leaders. The summit is seen as critical for deciding whether the opposition will join forces in next year’s elections.
  • Speaking in front of a parliamentary committee yesterday, finance Nebati defended the reliability and credibility of the Turkish stats agency and talked down the accuracy of independent inflation metrics created by private agencies.
  • The finance minister also commented that the burden of the cost for FX-linked deposit accounts falls on the Treasury rather than the central bank – with the CBRT set to release their cost estimates on December 2nd.
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