Slowdown signs - Turkey automotive production down by 59% in Q1
【2009-4-10】
Production in the automotive manufacturing industry in Turkey declined 59% in the Q1 of 2009 compared to the same period of last year, as industrial output also revealed a sharp fall in February.
The Automotive Manufacturers Association announced that the decline in total automotive production registered 53% in March.
The OSD said that the automotive sector produced a total of 145,833 vehicles in January to March 2009. The total figure includes the production of 91,155 passenger vehicles, a 51% decline in their manufacture in the same term.
The Turkish government recently implemented a series of tax cuts for the automotive industry, one of country’s leading sectors in a bid to boost the slumped domestic demand. Despite declining figures announced recently that the cut in the special consumption tax on vehicle sales implemented in March is expected to boost demand in the coming months.
Turkey's industrial production also tumbled by nearly a quarter in February from a year earlier, official data showed on last Wednesday, a record fall which showed the economy was sinking deep into recession.
The worsening slump, fuelled by the global financial crisis, reflected a slide in domestic demand and a sharp decline in exports, reinforcing expectations of further central bank interest rate cuts.
(Sourced from Hurriyet)
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