Turkish industrial production grows above expectations year-on-year in May

Turkey’s industrial production growth accelerated in May on a year-on-year. Industrial production grew 6.4 percent, as compared with consensus expectations of 5.5 percent and last month’s growth of 6.2 percent.

When the sub sectors of the industrial sector were examined, mining and quarrying index rose 12 percent, manufacturing index was up 6.5 percent, while electricity, gas, steam and air conditioning supply index rose 1.9 percent in May on a year-on-year basis.

On a sequential basis, industrial production dropped 1.6 percent. Looking at the sub sectors of the industrial sector, mining and quarrying index fell 1.6 percent. Manufacturing index dropped 1.7 percent, while electricity, gas, steam and air conditioning supply index fell 0.1 percent in May on a sequential basis.