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Turkey Industrial production May 2020

Turkey: Industrial output decreases in May

Industrial output fell 19.9% compared to the same month of the previous year in May, which followed April’s 31.3% decrease. May’s improvement was primarily due to softer contractions across the board, with manufacturing output falling at a notably reduced pace.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 2.0% in May, down from April’s minus 0.5%.

Furthermore, sequential data suggests that the low point of the crisis has passed; industrial output rose 17.4% month-on-month. The print marked a significant swing from April’s 30.2% drop and the strongest increase since at least early 2010.

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

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