Turkey: Industrial production slows further to 10-month low in June
August 8, 2014
In June, industrial production expanded a calendar-adjusted 1.4% over the same month last year, which was below the revised 3.5% increase tallied in May (previously reported: +3.3% year-on-year) and represented the weakest growth since August 2013. The print undershot the 2.2% increase that market analysts had expected. According to the statistical institute, June’s reading reflected a broad-based deterioration, with manufacturing slowing to a 13-month low and mining and quarrying dipping into the red. The electricity, gas and steam category also slowed in June.
A month-on-month comparison does not corroborate the deterioration suggested by the annual figures as industrial production rose 0.1% in seasonally- and calendar-adjusted terms, which contrasted the 0.8% drop tallied in May. Annual average growth in industrial output edged down from 4.4% in May to 4.1% in June.