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Turkey Industrial Production Falls For Second Month

Turkey's industrial production fell for a second straight month and at the fastest pace in over nine years, data from the Turkish Statistical Institute showed Monday.

Industrial Production declined a calendar adjusted 5.7 percent year-on-year in October after a 2.4 percent fall in September. Economists had expected a 5.3 percent decline.

The latest decline was the biggest since September 2009, when production fell 8.3 percent.

Manufacturing output led the slump, by falling 6.5 percent. Utilities logged a 1.2 percent decline.

In contrast, mining and quarrying output increased by 6.1 percent in October.

Month-on-month, industrial production fell 1.9 percent in October following a 2.6 percent drop in the previous month.

The monthly decline was a third in a row. Economists had expected the measure to remain unchanged.

"Overall, the data suggest that the downturn is deepening in the fourth quarter of this year, given the plunge in credit supply and no sign of major recovery in confidence indicators," ING economist Muhammet Mercan said.

"Accordingly, the adjustment process in the Turkish economy already started in the third quarter will continue as current domestic demand conditions reinforce the downbeat economic outlook."

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