Turkey Industrial production July 2022

Turkey

Turkey: Industrial output growth eases to two-year low in July

September 13, 2022

Industrial output expanded 2.4% compared to the same month of the previous year in July, which was a deterioration from June's 8.8% increase. July's outturn marked the worst reading since June 2020. Looking at the details of the release, mining and quarrying production plunged in July, and manufacturing output also grew at a softer pace.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 9.9% in July, down from June's 10.5%.

On a monthly basis, industrial production nosedived 6.2% in July (June: +1.4% mom).

FocusEconomics panelists see industrial production increasing 4.4% in 2022, which is unchanged from the previous month’s forecast. For 2023, our panelists expect industrial production to increase 2.8%.


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Turkey Industrial production Chart


Turkey Industry July 2022

Note: Annual and monthly variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.


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