Turkey's industrial output soars 40.7% in May

Manufacturing index posts highest annual increase among industrial sub-sectors, according to official data

By Aysu Bicer

ANKARA (AA) -Turkey's calendar-adjusted industrial production jumped 40.7% in May compared to the same month last year, the country’s statistical authority announced Tuesday.

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 (TurkStat) 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.

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