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Turkey Industrial production May 2023

Turkey: Decline in industrial activity softens in May

Industrial output fell 0.2% in year-on-year terms in May, which was a less pronounced contraction than April’s 1.2% decrease. The smaller drop was partly due to a weaker contraction in mining and quarrying output, although, it still continued to contract at a sharp rate. Additionally, manufacturing production rebounded.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.1%, down from April’s 1.9% reading.

On a monthly seasonally-adjusted basis, industrial production expanded 1.2% in May (April: -0.9% mom s.a).

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