Turkish industrial production falls 13.9 percent in November
Posted by meb at January 8th, 2009
Turkish industrial production fell 13.9 percent year-on-year in November, due mainly a signification drop in demand in the automotive sector, the Turkish Statistics Institute said on Thursday. The figures reveal the largest drop in production since November 2001.
Turkish industrial output tumbled the most in seven years in November as demand for cars slumped in Europe and local automakers responded by halting production.
The Turkish economy has slowed sharply as the impact of the global credit crisis continues to be felt more deeply. Gross domestic product expanded 0.5 percent in the third quarter of the year, its slowest pace in six years, after growing 2.3 percent in the second three month term.
SHARP FALL IN EXPORTS
Exports in the automotive sector, one of Turkey’s leading sectors, also fell by 45.4 percent in December 2008 compared to the same month of 2007 breaking a record on the monthly basis, according to figures from the Uludag Exporters’ Association (UIB).
The sector’s exports to European Union member countries dropped by nearly 90 percent during the same term, while export only to Malta and Luxemburg increased among 26 EU countries.
During the first half of 2008, the sector’s exports reached $22.9 billion with a 14.3 percent increase, however, export figures decreased remarkably during the last quarter of the year, the figures also showed.
According to the UIB’s figures, the Turkish automotive sector exported goods to a total of 172 countries and 13 free zones in 5 continents in 2008.
source: Hurriyet daily news
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