Turkey's industrial output soars 40.7% in May
The overall rise beat even the upper range of economists’ estimates from an Anadolu Agency survey.
The improvement in the base effect was especially backed by the sub-index of the manufacturing sector, data from the Turkish Statistical Institute (TÜİK) showed.
The manufacturing index soared 42.8% year-on-year in May, while the mining and quarrying index shot up 33.4%.
The electricity, gas, steam, and air conditioning supply index also climbed 20.9% during the same period.
Meanwhile, on a monthly basis, industrial production rose 1.3%.
An Anadolu Agency survey of a group of seven economists last Thursday found they expected industrial production to rise 38.2% year-on-year in May, with estimates ranging between 35% and 40.5%.
Moreover, economists predicted the unadjusted industrial production index would climb 38.8% in May.
The term "calendar-adjusted" is used to refer to data where calendar and holiday-originating effects are removed.