ISTANBUL: Turkey’s rapidly growing automotive market is likely to see a slowdown in the remaining months of the year, as the local currency’s tumble against the euro saps demand and hits balance sheets, an industry expert said.

The lira has lost about 18 percent of its value against the euro this year — and 27 percent against the dollar — amid rising concerns about political stability after Turkey failed to form a government after a June vote.

From Jan. 1 to Aug. 31, sales of cars and light commercial vehicles jumped 47 percent to 598,963, helped by a low base effect from sluggish sales in 2014.

But now the weakening lira will be reflected in prices, slowing sales and higher companies’ costs, said Hayri Erce, general secretary of the Automotive Distributors’ Association.

“The remainder of the year will be tough,” he said.

“The market is growing but profits are not rising.”