Automotive industry contracts further

The global economic crisis continues to impact Turkey’s automotive industry. Although the private consumption tax cut helped for a few months, the initiative has expired and the industry continues downhill. Turkish automotive industry’s total production in the first 10 months of the year declined to 699,141 units, a 33.4 percent contraction compared to the same period in 2008.

In addition to the demand decrease in the domestic market, the sharp contraction in exports created further pain for the industry. Recovery will depend upon recovery in both the domestic and Western European market places.

Source: Hurriyet Daily

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