Turkey’s industrial production experienced a consecutive decline in July, according to a report released by the Turkish Statistical Institute on Tuesday.In July, industrial production recorded an annual decrease of 3.9 percent, an improvement over the 5.0 percent decline observed in June. The decrease in manufacturing output, which fell by 5.1 percent, primarily contributed to the annual downturn. In contrast, the mining and quarrying sector exhibited growth of 3.3 percent, while the supply of electricity, gas, steam, and air conditioning saw a notable increase of 8.2 percent.On a month-to-month basis, industrial production saw a recovery, increasing by 0.4 percent after a 2.4 percent decline in June.Additional data from the statistical office revealed a reduction in the unemployment rate, which fell to 8.8 percent in July from 9.2 percent in June. The total number of unemployed individuals decreased to 3.167 million in July, down from 3.279 million the previous month.The material has been provided by InstaForex Company – www.instaforex.com
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