Electricity consumption in Turkey declined in July for the fifth month in a row. It fell 0.5% y/y to 27.2bn kWh but a 21% m/m recovery compared to June was implied, according to energy and natural resources data cited by Hurriyet Daily News on August 2.
Consumption collapsed by 17% y/y to 19.6bn kWh in coronavirus (COVID19)-troubled May after plunging 15% y/y to 19.1bn kWh in April, the lowest level recorded since 2013, according to data from Energy Exchange Istanbul.
In June, it was down by a limited 2% y/y.
As a result, electricity consumption contracted by 11% y/y to 61.3bn kWh in Q2 after growing 3% y/y in Q1.
The official statistical institute TUIK reported 6.2% y/y industrial growth and overall GDP growth of 4.5% y/y for Q1.
Turkey’s industrial production and GDP data, produced by the TUIK, are unfortunately far from reliable, while the Purchasing Managers’ Index (PMI) data compiled by IHS Markit under the sponsorship of the Istanbul Chamber of Commerce should be taken with a generous pinch of salt such are the difficulties of pinning down verifiable information in the Middle East’s largest economy, elusive at the best of times.
This being the case, electricity consumption is often seen as a more reliable indicator when it comes to getting some idea as regards the real level of industrial activity in the country.
Related Articles
Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage
Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more
TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more
Turkish firm Bonysocks earmarks $50mn to build Egyptian factory
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago