(Bloomberg) -- Production and exports of cars and other motor vehicles slumped in Turkey in November, as the lira’s depreciation hit economic activity across industries.

Total production was 115,078 units in November, down 20% from a year earlier, according to data published on Sunday by the Automotive Manufacturers’ Association. Exports totaled 75,892 units, down more than 25% from a year earlier. The decline sent 11-month output to a year-on-year drop of 0.3%. The figure was positive for the first 10 months.

The Turkish lira weakened 29% against the dollar in November, as the central bank cut borrowing costs for a third straight month. The currency closed Friday at a record low of 13.8783 per dollar, despite three interventions in the foreign exchange market by the central bank in December. 

The central bank’s Monetary Policy Committee meets on interest rates on Dec. 16. It is expected to reduce the benchmark rate by 100 basis points to 14%, according to the median estimate in a Bloomberg survey of 19 analysts. 

©2021 Bloomberg L.P.