On a seasonally & calendar-adjusted basis, the industrial turnover index rose 3.8% m/m in June, after declining 1.5% m/m in May, the statistics institute TUIK said on August 13.
Turnover in the intermediate goods sector rose 3.6% m/m, comparing favourably with the 1.1% m/m decrease in the previous month, while the durable consumer goods industry saw its turnover rise 10.3% m/m in June that followed an 3.7% m/m decrease in May.
Data of TUIK also showed that on a calendar-adjusted basis the turnover increased 11.3% y/y in June after rising 8.5% y/y in May.
On a calendar adjusted basis Turkey’s industrial production rose by 5.5% y/y in June, higher than the market consensus forecast of 3% and much better than the 2.4% y/y rise recorded in June, data of the statistics office showed on August 7, raising hopes of recovery in economic activity in the coming months. The latest PMI survey suggested that manufacturing activity could have gained further momentum in July. The PMI increased to 50.1 in July, from 49.0 in June. But there are downside risks to the growth outlook, including uncertainties in domestic politics and the renewed clashes with the PKK.
| Industrial Turnover Index (y/y, calendar-adjusted) | ||||||||
| (%) | Dec-13 | Dec-14 | Jan | Feb | Mar | Apr | May | Jun |
| Total Industry | 17.1 | 8.6 | -5.5 | -0.6 | 6.0 | 8.9 | 8.5 | 11.3 |
| Intermediate Goods | 20.9 | 1.7 | -11.3 | -5.4 | 3.1 | 4.7 | 6.8 | 9.0 |
| Durable Consumer Goods | 5.0 | 4.1 | -6.6 | -1.4 | -1.8 | 13.3 | 5.8 | 17.4 |
| Energy | 9.2 | -24.8 | -34.2 | -27.3 | -17.3 | -6.5 | 8.9 | 4.4 |
| Capital Goods | 19.4 | 27.7 | 7.6 | 11.4 | 14.3 | 19.6 | 7.4 | 18.9 |
| Manufacturing | 17.6 | 9.0 | -4.9 | -0.2 | 6.7 | 9.2 | 8.8 | 11.6 |
| Source: TUIK | ||||||||
Related Articles
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more
Iran's Araghchi arrives in Turkey for talks on US military build-up as Ankara looks to act as mediator
Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on January 30 for meetings with Turkish officials to discuss regional issues amid what he described as serious challenges posed by US ... more