Turkey: Industrial production loses steam in May
July 8, 2015
In May, industrial production expanded a calendar-adjusted 2.4% over the same month last year, which was below the 3.9% increase tallied in April (previously reported: +3.8% year-on-year). May’s print marked the smallest expansion in three months, yet overshot the 1.9% expansion that market analysts had expected. According to the statistical institute, the slowdown reflected a significant deterioration in mining and quarrying production, as well as a slowdown in manufacturing.
A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production contracted 2.0% in seasonally- and calendar-adjusted terms. The reading was below the zero growth recorded in April. Annual average growth in industrial output fell slightly from April’s 2.4% to 2.3% in May.