Industrial production plunges 4.7 percent annually in June

ANKARA

Industrial production fell by 4.7 percent year-on-year in June after inching up 0.1 percent in the previous month, data from the Turkish Statistical Institute (TÜİK) have shown.

In April, the annual decline in industrial output was 0.7 percent.

On a monthly basis, the industrial production index was 2.1 percent. That compares with the 1.8 percent month-on-month increase recorded in May.

Contraction in the manufacturing sector deepened in July with the annual decline in production accelerated from 0.4 percent in May to 6.9 percent. Manufacturing production was down 3.1 percent after rising 2 percent month-on-month in the previous month.

Survey data from earlier this month did not offer optimistic prospects for the key manufacturing sector.

The headline Istanbul Chamber of Industry (İSO) Türkiye Manufacturing headline PMI reading decreased for the fifth consecutive month in July, posting 47.2 from 47.9 in June, a survey showed earlier this month.

Demand weakness led to a further moderation of new orders, with production and employment following suit, said the survey on Aug. 1.

Durable consumer goods production fell 9.1 percent annually and down 5.4 percent monthly, said TÜİK on Aug. 9.

The year-on-year and month-on-month production declines in the non-durable consumer goods sector were 9 percent and 4.3 percent, respectively.

In the intermediate goods sector output fell 6.1 percent from June last year, while the annual decline in the capital goods sector was 5.6 percent.