Turkey: IP confirms a sharper GDP deceleration in 3Q

The industrial production (IP) contracted by 3.1% (WDA YoY) in September in line with our forecasts (-3.1%) but significantly below the market expectations (2.5% growth). 3Q IP growth realized at -3.2%, a quarterly contraction for the first time since 3Q09. The rest of high frequency activity indicators were also below normal.

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