Turkey Industrial production June 2022

Turkey

Turkey: Industrial output growth deteriorates in June

August 12, 2022

Industrial output increased 8.5% compared to the same month a year earlier in June, which followed May's 9.0% increase. June's figure was chiefly due to a further deterioration in mining and quarrying production, as it recorded the weakest reading since June 2020. In addition, manufacturing production lost steam.

Meanwhile, annual average industrial production growth fell to 10.5% in June (May: +11.7%), signaling a worsening trend in the industrial sector. Lastly, industrial production rose from 0.49% in May to 1.28% in June on a seasonally- and calendar-adjusted basis.

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 June 2022

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


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