The economy contracted 2.6pc in first quarter after a 3pc drop in the last quarter of 2018 and economic activity has remained slow since, with the central bank's policy rate standing at 24pc since September.

The median estimate in a Reuters poll of 6 economists showed a year-on-year contraction of 2.35pc of the calendar-adjusted industrial production index. Forecasts ranged between a contraction of 1.32pc and 4.1pc.

Turkish industrial production fell a greater-than-expected 4.0pc year-on-year in April, reflecting the impact of renewed lira weakness as the index contracted for an eighth consecutive month.

The Turkish Statistical Institute will announce the industrial production figures for May on July 12 at 0700 GMT.