Wednesday, a report by the Turkish Statistical Institute said the industrial production dropped 23.7% year-on-year in February, after a 21.3% fall in the previous month. Economists expected a decline of 21.1%.

On an annual basis, mining output slipped 16.8% in February, while manufacturing output dipped 25.9%. Production of utilities was down 9.7%.

Among the main industrial groups, industrial output decreased the most by 44.8% for capital goods. This was followed by a 25.7% drop in production for durable consumer goods.

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