Industrial performance raises Turkey's GDP expectations

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's industrial production performance improved gross domestic product (GDP) expectations in the second quarter, the industry and technology minister said Tuesday.

Citing the new data on industrial output, Mustafa Varank tweeted that the figures showed Turkish industrial infrastructure's recovery capability against shocks.

The calendar-adjusted industrial production jumped 40.7% in May compared to the same month last year, and 1.3% on a monthly basis.

Turkish Statistical Institute said the improvement in the base effect was backed by the sub-index of the manufacturing sector, which soared 42.8% year-on-year in May.

The country's economy expanded 7% in the first quarter and 1.8% in 2020.