Turkey Industrial production May 2022

Turkey

Turkey: Industrial output growth deteriorates in May

July 27, 2022

Industrial output increased 9.1% compared to the same month a year earlier in May, which followed April's 10.8% increase. May's figure was largely due to a 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 11.7% in May (April: +13.8%), signaling a worsening trend in the industrial sector.

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 May 2022

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


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