Turkey Industry April 2019

Turkey

Turkey: Industrial output drops at an accelerated pace in April

July 12, 2019

Turkish industrial production fell 1.3% year-on-year in May, improving from the revised 3.8% drop in April (previously reported: -4.0% year-on-year); annual average industrial output contracted 3.1% in May, down from the 2.5% fall in April. The drop in production was driven by faltering manufacturing, and quarrying and mining output while electricity, gas and steam production accelerated markedly.

Sequential data also highlighted a gradual recovery in the sector.. Industrial output rose 1.3% over the prior month in May on a seasonally- and calendar-adjusted basis, increasing for the fourth time in the first five months of the year. Going forward, Muhammet Mercan, Chief Economist at ING Turkey, noted that “base effects from last year will contribute to the momentum in the second half [of the year]. Policy determination and a prudent policy mix will remain ley to sustain this performance.”

FocusEconomics Consensus Forecast panelists expect industrial production to decline 2.4% in 2019, which is down 0.1 percentage points from last month’s forecast. Next year, industrial output is expected to grow 3.0%.


Author:, Economist

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Turkey Industry April 2019 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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