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Turkey Industrial Production & Retail Sales (May)

Turkey’s activity figures for May, the month of a three-week national lockdown, showed that the industrial sector came through unscathed but that retail sales were hit hard. More timely evidence suggests that activity has rebounded quickly and, combined with the rise in inflation to a two-year high in June, means that the central bank will almost certainly leave interest rates unchanged tomorrow.
Jason Tuvey Senior Emerging Markets Economist
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