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Turkey’s metal, building industries in coma

Declining production in key industrial sectors is seen as an omen that the worst of Turkey’s economic crisis might still be to come.
Renault cars produced in Turkey and awaiting export throughout Europe, are checked by workers in the port of Koper October 14, 2013. Automotive industry association ACEA said October 16, 2013, that new car registrations in Europe climbed 5.5 percent to 1.19 million vehicles in September, only the third month a gain was recorded in the past two years. But within the European Union, the level of demand was the second lowest on record for the month of September since it began tabulating results for the 27 memb
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Production in Turkey’s crisis-hit industrial sector — the backbone of the economy — is in general decline, with some major sub-branches hit even harder, auguring deeper economic turmoil and mass layoffs down the road.

Figures by the Turkish Statistical Institute and the Istanbul Industry Chamber point to sharp declines in the automotive, white appliances and electronics industries amid a fast-shrinking domestic demand and climbing prices under the impact of last year’s currency shock.

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