Turkey’s industrial turnover index down 1% m/m in July

By bne IntelliNews September 11, 2015

On a seasonally & calendar-adjusted basis, the industrial turnover index declined 1% m/m in July, after rising 3.7% m/m in June, the statistics institute TUIK said on September 10.

Turnover in the intermediate goods sector declined 1.8% m/m while the durable consumer goods industry saw its turnover decline 5.3% m/m.

Data of TUIK also showed that on a calendar-adjusted basis the turnover increased 7.9% y/y in July after rising 11.2% y/y in June.

Industrial production, which accounts to 34.6% of the economy in real terms, grew 4.1% while manufacturing industry (25.9% share in overall GDP) grew 5%, according to the latest GDP data from TUIK. Turkey’s industrial production rose only by 0.3% y/y in July on a calendar adjusted basis, data of TUIK showed on September 8, adding to concerns over the health of the country’s $800mn economy. The markets had expected a 3.4% y/y increase in industrial output that rose 4.9% y/y in June. Leading indicators for July and August suggest that the industrial production might moderate in the second half of the year, the central bank said in the minutes of the last monetary policy committee meeting.

Industrial Turnover Index (y/y, calendar-adjusted)              
(%) Dec-13 Dec-14 Jan Feb Mar Apr May Jun Aug
Total Industry 17.1 8.6 -5.5 -0.6 6.0 8.9 8.5 11.2 7.9
Intermediate Goods 20.9 1.7 -11.3 -5.4 3.1 4.7 6.8 9.1 6.7
Durable Consumer Goods 5.0 4.1 -6.6 -1.4 -1.8 13.3 5.8 17.4 9.5
Energy 9.2 -24.8 -34.2 -27.3 -17.3 -6.5 8.9 4.1 -14.6
Capital Goods 19.4 27.7 7.6 11.4 14.3 19.6 7.4 18.9 15.5
Manufacturing 17.6 9.0 -4.9 -0.2 6.7 9.2 8.8 11.5 8.3
Source: TUIK                  
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