Turkey | Some slow-down signals, more to come

The sharp decline in the unadjusted IP (-11%) in August, which is in line with our expectations (BBVA -11.5%), also implies a yearly contraction in industrial production in 3Q18 which will weigh on GDP growth. With 40% of information, our monthly GDP indicator (GBTRGDPY Index at Bloomberg) nowcasts a 2% yoy growth in September and we expect it to continue to decelerate.

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