Turkey: Industrial production eases in June
August 29, 2012
In June, industrial production expanded 2.7% over the same month last year. The reading was below the 5.9% rise recorded in May but slightly overshot market expectations, which had anticipated that industrial output would increase 2.6%. The deceleration over the previous month was entirely driven by a sharp slowdown in the all-important manufacturing sector, whereas mining and quarrying as well as electricity, gas and steam recorded higher growth rates. A month-on-month comparison corroborates the deterioration reflected in the annual figures, as industrial production fell a seasonally and calendar-adjusted 2.0% in June, contrasting the 0.9% increase observed in May. As a result of the weaker growth in June, the trend continues to point downwards, with annual average growth in industrial production falling from 5.5% in May to 5.1%.