On August 9, 2024, Turkey released its latest industrial production figures, revealing a stark decline for the month of June. Industrial production fell by 4.7% year-over-year in June 2024, a significant drop from the -0.1% recorded in May 2024.
This decline marks a critical setback for Turkey's industrial sector. The previous figure of -0.1% in May indicated a slowing but stable trend. However, the sharp plunge to -4.7% in just one month may signal deeper economic uncertainties and industry-specific challenges that need immediate addressing.
Economic analysts are closely monitoring the situation, taking into account the broader implications of such a steep decline on Turkey's overall economic health and its future industrial output. Further details and analysis are expected as the government and industry stakeholders work to understand the causes and outline potential recovery strategies.
