Turkey: Industrial production growth picks up in July
Industrial production rose 5.6% in July in calendar-adjusted year-on-year terms, up from June’s revised 2.8% expansion (previously reported: +3.2% yoy). July’s acceleration was driven by faster expansions in the manufacturing; and mining and quarrying sectors. In contrast, the electricity, gas, steam and air conditioning supply sector lost momentum in annual terms.
On a seasonally- and calendar-adjusted month-on-month basis, industrial production jumped 3.5%, contrasting June’s 2.1% contraction.
Annual average growth in industrial output fell from 9.7% in June to 8.9% in July.