Turkey’s industrial turnover index up 3.8% m/m in June

By bne IntelliNews August 13, 2015

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                
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