Turkey Industry May 2018


Turkey: Industrial production growth ticks up slightly in May

July 17, 2018

Industrial production rose 6.4% in May in calendar-adjusted year-on-year terms, ticking up slightly from April’s revised 6.3% (previously reported: +6.2% yoy) and putting a stop to four consecutive monthly slowdowns.

May’s expansion was driven by a surge in the mining and quarrying sector and a solid performance from the manufacturing sector, while the electricity, gas and steam sector recorded a more modest expansion. However, on a seasonally- and calendar-adjusted month-on-month basis, industrial production shrank 1.6%, marking the worst reading in nearly two years and contrasting the previous month’s 1.0% growth.

Annual average growth in industrial output inched up from 9.9% in April to 10.0% in May.

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. FocusEconomics Consensus Forecast panelists expect industrial production to rise 4.6% in 2018 and 4.0% in 2019.

Author:, Economist

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Turkey Industry Chart

Turkey Industry May 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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