Turkey: Industrial output growth eases in May
July 8, 2011
In May, industrial production expanded 8.0% over the same month last year. The reading came in below the 8.8% rise tallied in April, but overshot market expectations of a 7.2% increase, suggesting that production remains strong despite the Central Bank's attempts to cool economic activity. A month-on-month comparison confirms the deceleration suggested by annual figures, with industrial production declining a seasonally and calendar adjusted 0.4% in May, on top of a 0.2% drop in April. Owing to the slowdown, the trend points downwards, with annual average growth in industrial production declining from 11.8% in April to 11.2% in May.