Ford drives hike in car production in Romania
2 days ago
Turkey’s calendar-adjusted industrial production index gained 3.4% y/y in June to very slightly trail May's 3.5% y/y rise, data from national statistics office TUIK showed on August 7. Analysts were expecting June's industrial output to rise 4.2%.
On an unadjusted basis, the country’s industrial production declined 3.6% y/y in the month, after rising 4% y/y in May. The market consensus forecast was for a 1.4% y/y increase. On a calendar and seasonally-adjusted basis, industrial production contracted 0.4% m/m in June versus the 2.2% m/m decline registered in the previous month. Analysts had forecast a 0.2% m/m increase.
TUIK data also showed that calendar-adjusted manufacturing output increased by 3.8% y/y while intermediate goods production rose by 1.2% y/y in June. Durable consumer goods production grew 2.6% y/y and energy output increased 2.9% y/y. The country’s capital goods manufacturing industry saw a 11.4% y/y rise.
The latest PMI survey showed that in July manufacturing activity remained relatively strong. The Manufacturing Purchasing Managers' Index (PMI) moved down to 53.6 in July from June's 54.7.
GDP growth is set to come in at between 5% and 5.5% this year, Development Minister Lutfi Elvam said on August 4. According to the minister, the Turkish economy is expected to expand at 5% in the second quarter and at above 7% in the third quarter of this year.
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