Turkey: Industrial production deteriorates in June
August 8, 2016
In June, industrial production contracted a calendar-adjusted 1.4% compared to the same month last year, which contrasted May’s 1.7% increase. The reading marked the lowest print in nearly a year. According to the Statistical Institute, June’s deterioration reflected a contraction in the manufacturing sector, which swung from a 6.3% increase in May to a 0.4% decrease in June. Conversely, faster growth was recorded in the electricity, gas and steam sector and in the mining and quarrying sector.
A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production rose 1.1% in seasonally- and calendar-adjusted terms in June, which was below the 5.6% increase seen in May. Annual average growth in industrial output decreased from May’s 4.0% to 3.7% in June.
Author: Dirina Mançellari, Senior Economist