2023.12.1109:25:00UTC+00Turkey Industrial Output Growth Slows To 4-Month Low

Turkey's industrial production expanded at the slowest pace in four months in October, data from the Turkish Statistical Institute showed on Monday.

Industrial production rose 1.1 percent year-on-year in October, slower than the 4.1 percent increase in September.

This was the sixth successive month of increase, and the latest rate of growth was the weakest since June, when production had risen only 0.2 percent.

The annual growth in mining and quarrying output eased notably to 3.7 percent in October from 8.5 percent a month ago. Output producced in the utility segment showed an increase of 3.5 percent.

Manufacturing activity also contributed positively in October, rising 1.3 percent from last year versus the 3.8 percent gain seen in September.

Compared to the previous month, industrial production dropped 0.4 percent versus a 0.1 percent slight fall in September.

Separate official data showed that the seasonally adjusted unemployment rate in the country dropped to 8.5 percent in October from 9.0 percent in the prior month.

In the corresponding month last year, the jobless rate was 10.2 percent.

The number of people out of work totaled 2.96 million in October, down from 3.12 million in the preceding month.