In May 2024, Turkey's industrial production showed a slight annual decline of 0.1%, as reported by the Turkish Statistical Institute (TurkStat). This decrease was driven by a 0.4% drop in the manufacturing sector compared to the same period last year. However, there were gains in other sectors, with the mining and quarrying sector increasing by 2.2% annually, and the electricity, gas, steam, and air conditioning supply sector rising by 0.9%.
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Month-on-month, Turkey's industrial production index showed an increase of 1.7% in May 2024. The manufacturing index specifically rose by 2.1% from April to May, while the electricity, gas, steam, and air conditioning supply index increased by 1%. Conversely, the mining and quarrying index declined by 3.9% on a monthly basis.
Overall, while Turkey's industrial production faced challenges in high-tech sectors and saw a slight annual contraction, the monthly uptick suggests some stabilization and potential for recovery in the broader industrial landscape.
Source: www.dailysabah.com