On Wednesday, the Turkish Statistical Institute (TUIK) announced that industrial output, a leading indicator of economic growth, decreased in August at a 4 percent annual rate. In August 2007 industrial production in Turkey increased by 6.3 percent.
This figure is far worse than expectations, which are also rapidly being revised downwards. According to the median estimate of eight economists polled by Bloomberg, output for August was expected to decline 0.3 percent. It is therefore no exaggeration to say that the industrial output figures for August came as a shock.
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Turkish manufacturing sector hit hard by financial crisis
