Turkey: Industrial output grows at record pace in April
July 13, 2021
Industrial output rose 40.7% in year-on-year terms in May, which followed April's 66.3% surge. May's figure continued to benefited from a supportive base effect as the country was in lockdown in the same month a year prior due to the Covid-19 pandemic, which weighed on activity. The upturn reflected strong growth in mining and quarrying, manufacturing, and energy output.
Meanwhile, annual average industrial production growth rose to 16.5% in May (April: +11.5%). This signals an improving trend in the industrial sector.
On a seasonally- and calendar-adjusted bases, industrial production swung from a 0.8% contraction in April to a 1.3% expansion in May.