World Economy

Turkey Industrial Production Slows

Turkey Industrial Production SlowsTurkey Industrial Production Slows

Turkey’s industrial production growth slowed at a faster-than-expected pace in May, figures from the Turkish Statistical Institute showed Wednesday, RTT reported. Industrial production climbed a calendar-adjusted 2.4% year-over-year in May, slower than previous month’s 3.9% gain. Economists had expected a 2.9% growth for the month. Production has been rising since February. Production in the manufacturing sector grew 3% in May from a year ago, while mining and quarrying output plunged by 9.9%. Among main industrial groupings, production of non-durable consumer goods surged 6.4% and that for energy expanded by 5.4%.  Meanwhile, intermediate goods sector registered a decline of 0.5% in May.