According to the data released by the Turkish Statistical Institute, in August this year Turkey's monthly industrial production index decreased by 1.5% YoY while the seasonal and calendar adjusted industrial production index increased by 1.2% compared to the previous month. On the other hand, in Turkey the production index of the manufacturing industry in August decreased 2.6% compared to the same month of the previous year.

In August, the production index for the manufacture of basic metals in Turkey increased by 10.7% YoY and was down 5.2% from July while the output index for the manufacture of fabricated metal products fell by 6.7% YoY and was down by 17.5% compared to the previous month.

Meanwhile, the Turkish government has revised down its 2012 growth forecast to 3.2% from 4.0%. Nevertheless, despite the TUIK's announcement of the first YoY decrease in industrial production index since November 2009, Mr Ali Babacan deputy PM of Turkey remained hopeful stating 2013 will be much better than 2012."

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