Industrial production continues to grow
On a seasonally and calendar adjusted basis, the country’s industrial output rose 0.5 percent in the month from April, TÜİK said.
In the key manufacturing sector, production increased by 10.7 percent year-on-year, after rising 12 percent in the previous month. On a monthly basis, the manufacturing output was up 0.8 percent.
The mining and quarrying industry reported a 5.7 yearly decline in production, while the electricity, gas and steam sector’s output inched up 0.3 percent from a year ago.
The durable consumer goods sector’s production declined by 1.4 percent monthly but rose by 3.1 percent from a year ago and non-durable goods output grew more than 15 percent in May compared with the same month of 2021.
The intermediate goods production index posted an annual increase of 4.8 percent, data from TÜİK showed. Capital goods output rose by 17 percent year-on-year and 2.4 percent monthly.
Production in the high-technology goods segment leaped more than 45 percent in May from a year ago while the corresponding figures for the medium-high and low technology were 11.1 percent and 13.5 percent, respectively.
The food industry’s production increased by 9.7 percent and the annual increase in beverages output was 31.5 percent.
The textile sector’s production was up 1.3 percent in May compared with the same month of 2021, while apparel output grew 30.4 year-on-year.
Industrial production is a key indicator for the GDP growth.
The headline Purchasing Managers’ Index (PMI) for Türkiye’s manufacturing sector eased from 49.2 in May to 48.1 in June, showed the survey conducted jointly by the Istanbul Chamber of Industry (ISO) and S&P Global.
The Central Bank recently reported that the capacity utilization rate in the manufacturing sector declined from 78 percent in May to 77.6 percent in June.
Türkiye’s economy grew by 7.3 percent in the first quarter of 2022 after expanding 9.1 percent year-on-year in the fourth quarter of last year. In 2021, the economy grew by 11 percent.