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Car sales in Turkey surge by 127.5 pct in October: report

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Sales of passenger cars and light commercial vehicles in Turkey surged 127.5 percent year-on-year in October, the Automotive Distributors Association said on Monday, after a sharp fall in the same period a year earlier, Reuters reported.

Sales plummeted 76.5 percent in October of last year in the wake of a currency crisis that hit economic activity and drove the economy into a recession. Some banks in September lowered interest rates on loans for domestically produced cars.

In the January-October period, sales fell 31.9 percent, the association also said. It revised its sales forecast for this year to 450,000-500,000 vehicles from a previous forecast of 340,000-380,000.

Turkey’s central bank has dropped interest rates by 1,000 basis points in less than four months.

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