Turkey: Industrial production accelerates
July 9, 2012
In May, industrial production expanded 5.9% over the same month last year. The reading exceeded both the revised 1.5% rise recorded in April (previously reported: +1.8% year-on-year) as well as market expectations, which had anticipated that industrial output would increase 3.0%. The acceleration over the previous month was broad-based, as all three sub-sectors composing the index improved over April. A month-on-month comparison corroborates the pick-up reflected in the annual figures, as industrial production grew a seasonally and calendar-adjusted 1.1% in May, up from the 0.9% increase observed in April. Nevertheless, despite the stronger result in May, the trend continues to point downwards, with annual average growth in industrial production falling from 5.7% in April to 5.5%.