Turkey: Industrial output virtually unchanged in June
Industrial output was virtually unchanged from the same month a year prior, with production rising 0.1% year-on-year. This contrasted May’s 19.4% nosedive and signaled that the economic recovery gained some traction. June’s result was mainly driven by rising manufacturing output, with mining and quarrying as well as electricity, gas and steam production falling.
Meanwhile, the trend pointed up, with the annual average variation of industrial production coming in at minus 1.7% in June, up from May’s minus 2.0%.
Furthermore, sequential data continued to highlight that the economy passed the low point of the crisis and that the recovery gained steam; industrial production jumped 17.6% month-on-month in June, although the print was down slightly from May’s 18.0% surge, it still marked the second highest print since at least early 2010.