Industrial production in Turkey is forecasted to have a 17% year-on-year contraction in April due to an economic slump by reason of the Coronavirus outbreak. Forecasts are ranged between 9.5% to 28% contraction annually. As the country found the first case on March 11, strict social measure have been imposed to curb the virus spread, and all non-essential economic activities are halted indefinitely. The industrial production sector, viewed as the pointer to growth, has been noted a contraction of 2% as soon as the end of March.
Turkey’s economy broadens by 4.5% year-on-year in the Q1 2020 but still remains below expectations, as for the last year condition was annually contracted, with surging growth only in the last quarter. Industrial productions expanded for six months before March after consecutively decreasing for 12 months straight. Before the pandemic hits, the government forecasted growth of 5%, but officials said that the positive growth is still quite achievable, but the second quarter would be the one most damaged by the pandemic.
Analysts also gave a gloomy outlook as the outbreak will likely put the country economy into second recession.
April’s industrial production figures for the month is scheduled to announce by The Turkish Statistical Institute on June 12.
