Turkey Industry May 2016

Turkey

Turkey: Growth in industrial production accelerates in May

July 14, 2016

In May, industrial production expanded a calendar-adjusted 5.6% compared to the same month last year and exceeded April’s 0.7% increase, which had marked an eight-month low. In addition, the print overshot the 3.6% rise that market analysts had expected. According to the statistical institute, May’s acceleration reflected faster growth in manufacturing output as well as a softer contraction in mining and quarrying. Conversely, the pace of expansion in electricity, gas and steam decelerated in the same month.

A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rose 1.6% in seasonally- and calendar-adjusted terms in May, which contrasted the 1.1% decrease in April. Annual average growth in industrial output increased from April’s 3.7% to 4.0% in May.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.7% in 2016, which is up 0.3 percentage points from last month’s estimate. The panel sees industrial output increasing 3.8% in 2017.


Author: Ricard Torné, Head of Economic Research

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Turkey Industry May 2016 0

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.


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