Turkish automotive output down 59 pc

Production in the automotive manufacturing industry in Turkey declined 59 percent in the first quarter of 2009 compared to the same period of last year, as industrial output also revealed a sharp fall in February, according to the latest figures released on Wednesday.
The decline in total automotive production registered 53 percent in March, the Automotive Manufacturers Association, or OSD, announced.
The automotive sector produced a total of 145,833 vehicles in January to March 2009, the OSD said. The total figure includes the production of 91,155 passenger vehicles, a 51 percent 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 on Wednesday, 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 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, Hurriyet Daily News reported.

Source: Transportweekly