Financial News: Turkey Industrial Output Falls For First Time In

Turkey Industrial Output Falls For First Time In A Year

06/10/2024 - 08:37:00 (RTTNews)

(RTTNews) - Turkey's industrial production declined for the first time in a year in April, the Turkish Statistical Institute reported Monday.

Another official data showed a marginal fall in both overall and youth unemployment rates in April.

Industrial production posted an annual decline of 0.7 percent in April, reversing an increase of 4.6 percent in March.

This was the first decline since April 2023, when production was down 1.3 percent.

The annual fall was driven by the 1.5 percent decrease in manufacturing output. Meanwhile, mining and quarrying output posted a double-digit growth of 12.2 percent and electricity, gas, steam and air conditioning supply registered a 1.6 percent gain in April.

Month-on-month, industrial production shrank 4.9 percent after a marginal 0.1 percent drop in March.

Another data from the statistical office showed that the unemployment rate dropped marginally to 8.5 percent in April from 8.6 percent in March.

The number of unemployed decreased by 18,000 from the previous month to 3.042 million in April.

The youth unemployment rate in the age group between 15 and 24 came in at 14.5 percent in April compared to 14.6 percent a month ago.

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