Turkey's Industrial Production Slips in July

Turkey's adjusted industrial production decreased 1.4% in July compared to a month earlier, the country's statistics agency, TurkStat, announced Monday. 
However, Turkeys annual calendar adjusted industrial production increased by 1.1% in July compared to the same month last year, according to Anadolu Agency (AA). 
The manufacturing index dropped 2.4% while electricity, gas, steam and air conditioning supply output and the mining and quarrying index increased by 2.1% and 6.3% respectively for the same period. 
Non-durable consumer goods saw the largest decrease, of 4.8%, according to the Main Industrial Groupings. 
KapitalFx analyst Enver Erkan said: "Industrial production in Turkey is remaining well-below market expectations, which was a 3.7% like". 
Erkan noted that such data were normally expected in the slow summer months "but we expected to see this in the third quarter of the year". 
"We expect that Turkeys growth rate will be at 3.4% for the second quarter and 3.5% in 2016," Erkan said.