Industrial Production Index Shows Sharp Rise

Industrial Production Index Shows Major Growth The industrial production index increased by 1.3% on a monthly basis and 40.7% on an annual basis in May. The Turkish Statistical Institute (TÜİK) announced the industrial production index results for May. The unadjusted industrial production index also rose by 39.5% on an annual basis. Accordingly, industrial production adjusted for calendar effects in May rose 40.7% compared to the same month of the previous year. When examining the sub-sectors of industry, the mining and quarrying sector index increased by 33.4%, the manufacturing sector index by 42.8%, and the electricity, gas, steam and air conditioning supply sector index by 20.9% in May compared to the same month of the previous year.  

Monthly data in industrial production

Industrial production adjusted for seasonal and calendar effects increased by 1.3% in May compared to April. When examining the sub-sectors of industry, the mining and quarrying sector index increased by 8.4% compared to the previous month, the manufacturing sector index rose by 1.1%, while the electricity, gas, steam and air conditioning supply sector index declined by 0.7%. Economists participating in the AA Finance Industrial Production Expectations Survey expected the calendar-adjusted industrial production index to increase by 38.2% in May compared to the same period of the previous year. It was forecast that the unadjusted industrial production index would also increase by 38.8% on an annual basis in the May period.