Turkey Industrial production April 2020

Turkey

Turkey: Industrial output nosedives in April

June 12, 2020

Industrial production dropped 31.4% year-on-year in April (March: -1.7% yoy). April's figure was largely due to a sharper fall in mining and quarrying production which fell at the sharpest pace since January 2015. In addition, manufacturing output fell by a third. Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 0.5%, contrasting March's plus 1.8% reading.

On a seasonally- and calendar-adjusted monthly basis, industrial output contracted 30.4% in April, down from March’s 7.1% fall.

This year, industrial activity is expected to shrink due to the economic impact of Covid-19, which has extinguished economic activity. The duration of restrictive measures remains uncertain and will have a key bearing on the return of domestic and foreign demand

FocusEconomics Consensus Forecast panelists expect industrial production to contract 5.3% in 2020 and to increase 5.6% in 2021.


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