Turkey: Industrial production eases in June
August 8, 2017
Industrial production expanded by a calendar-adjusted 3.4% in June compared to the same month last year, just shy of May’s 3.5% increase. According to the Statistical Institute, July’s easing was the result of a small contraction in the mining and quarrying sector and tepid growth in the electricity, gas, steam and air conditioning sector. The manufacturing sector, for its part, accelerated in the month. By industrial groupings, production of capital goods climbed by double digits in June while energy and durable consumer goods also recorded solid expansions. On the other hand, the print missed market expectations of 3.6% growth.
Industrial production contracted by 0.4% in seasonally- and calendar-adjusted month-on-month terms in June, easing from May’s 1.4% decline and following declines in fixed investment as well as recent deteriorations in business confidence in the general economic situation. On the other hand, annual average growth in industrial output ticked up to 1.8%, up from 1.6% in May.
Author: Lindsey Ice, Economist