Turkey Industrial production May 2021

Turkey

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.

FocusEconomics panelists see industrial production increasing 8.8% in 2021, which is up 0.5 percentage points from the previous month’s forecast. For 2022, our panelists expect industrial production to increase 3.3%.


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Turkey Industrial production Chart


Turkey Industry May 2021

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


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