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Economy on track to full recovery with gain in industrial production
The Turkish Statistics Institute (TurkStat) on Thursday released its report on the industrial production index in May, a short-term indicator calculated to measure the well-being of the economy from a production standpoint. According to the report, the calendar-adjusted increase in the industrial production index from one year ago was 15.1 percent. The index increased by 3.7 percent from April to May. When both calendar and seasonally adjusted, though, the index gained 1.9 percent during the same period.
Industry and Trade Minister Nihat Ergün, evaluating the May industrial production figures yesterday, noted that the results show the Turkish economy will continue to grow in the second quarter as well. He predicted economic growth would reach 6-8 percent year-on-year in Q2, taking into consideration recent economic indicators.
Turkish Exporters Assembly (TİM) President Mehmet Büyükekşi, paralleling Ergün’s statements, said May industrial output figures, together with a 24.9 percent growth in exports in the same month, show the economy will continue to expand rapidly in the second quarter as well.
Turkey reached its highest industrial figures since July 2008 in May of this year, Ergün said, adding that the economy has started to compensate for industrial production losses incurred during the crisis.
However, even a 15.6 percent year-on-year gain was not enough to reach pre-crisis levels. In May 2009, industrial production was down by 17.6 percentage points compared to one year earlier, falling from 123.9 to 102.1. The index currently stands at 118.
May saw the manufacturing sector index climbing the most, with a gain of 16.5 percent compared to one year before. After calendar adjustment, to take into account seasonal effects such as natural factors like weather conditions or social, cultural or religious traditions taking place in specific seasons, however, the annual change in the manufacturing index drops to 15.9 percent. The mining sector index rose by 13.3 percent during this period, while the utility sector index also saw gains of 9.4 percent. On a calendar-adjusted basis, the mining and utility sector indices show similar changes.
The main industry group registering the greatest year-on-year increase in output in the fifth month was intermediary goods production, with a 22.9 percent rise. This was followed by capital goods production, with 22 percent. The durable consumer goods production index increased by 13.1 percent during this period, while industries involved in nondurable consumer goods grew by 7.2 percent. With 57.1 percent, the electric machine manufacturing industry saw the biggest rise in May among all sub-industries.
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