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TURKEY: Rate of Industrial Production Decline Slows, U/E Rate Edges Lower

TURKEY
  • Turkey's industrial production rose 0.4% m/m in July versus a revised -2.4% in June, according to the Turkish Statistical Institute. On a year-on-year basis, production fell 3.9% y/y versus a revised -5.0% the month prior.
  • Meanwhile, data shows Turkey’s unemployment rate edged lower to 8.8% in July from 9.2% in June.
  • Turkey’s sovereign wealth fund is organising in-person meetings with fixed income investors in Dubai and Abu Dhabi on September 12-13, Bloomberg report.
  • Ekonomi report that there was a marked slowdown in commercial loan growth in the last week of August. The main source of the slowdown was the halving of commercial loan growth rate in private banks, with the newspaper’s banking “sources” attributing the decline to large corporate customers paying off loans.
  • Dunya run a piece citing the Chairman of the Ankara Chamber of Commerce, Gursel Baran, who said it doesn’t seem possible for Turkey to cut interest rates at the moment. “A rate that the markets are not ready for will cause harm by disrupting the balances in the economy rather than providing benefits. Therefore, we need to be patient,” he said.
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