The fall in Turkish industrial production growth slowed down in May. On a year-on-year basis, the industrial output dropped 1.3 percent year-on-year, as compared with the fall of 4 percent seen in the prior month. Consensus expectations were for the industrial output to fall 2.5 percent.
Looking at the subsectors, mining and quarrying recorded a drop of 2.5 percent year-on-year, whereas the manufacturing index dropped 1.8 percent. The index for electricity, gas, steam rose 4.1 percent year-on-year. Meanwhile, intermediate goods and durable consumer goods indices dropped 6.7 percent and 2.1 percent, respectively.
Sequentially, the industrial production output rose 1.3 percent in May. The index for mining and quarrying rose 5.2 percent, whereas the manufacturing index rose 1 percent. The index for electricity, has, steam and air conditioning supply index rose 2.9 percent,