Turkey: Industrial output growth slows in June
August 8, 2011
In June, industrial production expanded 6.7% over the same month last year. The reading came in below both the 8.0% rise tallied in May and market expectations, which saw output remaining at May's 8.0%, suggesting that the economy might be losing momentum. A month-on-month comparison confirms the deceleration suggested by annual figures, with industrial production declining a seasonally and calendar adjusted 0.9% in June, on top of a 0.3% drop in May. Owing to the slowdown, the trend points downwards, with annual average growth in industrial production declining from 11.2% in May to 10.9% in June.