Turkey Industry June 2018

Turkey

Turkey: Industrial production growth falls sharply in June

August 16, 2018

Industrial production rose 3.2% in June in calendar-adjusted year-on-year terms, down markedly from May’s revised 6.5% increase (previously reported: +6.4% year-on-year) and marking a continuation of the ebbing momentum observed in the industrial sector since the outset of the year.

June’s slowdown was driven by softer expansions in the manufacturing; and mining and quarrying sectors. In contrast, the electricity, gas, steam and air conditioning supply sector saw a pickup in growth in annual terms. On a seasonally- and calendar-adjusted month-on-month basis, industrial production shrank 2.0%, the worst reading in nearly two years and marking a deterioration from May’s 1.6% contraction.

Annual average growth in industrial output fell from 10.0% in May to 9.7% in June.

Turkey Industrial Production Forecast


In annual terms, industrial production growth is likely to lose steam during the rest of the year. This is partly due to tough year-on-year comparatives, but is also a reflection of tighter financial conditions and weakening domestic demand. FocusEconomics Consensus Forecast panelists expect industrial production to rise 4.8% in 2018 and 4.1% in 2019.


Author:, Economist

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Turkey Industry June 2018

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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