Turkey's June CUR does not beat expectations

Turkey’s June CUR does not beat expectations

Turkey's State Institute of Statistics (DIE) disclosed that the country's capacity utilization rate (CUR) in the manufacturing industry fell from 85.3 percent in June 2004 to 81.5 percent in June 2005. The average expectation stood at 82.5 percent. In line with the seasonal trends, public sector CUR cruised strong at 89.5 percent on the back of refining output and 90 percent CUR recorded in iron and steel industry. However, private sector CUR fell from 82.2 percent last year to 79.4 percent in June due to the decline in the CUR of some sectors. The decline in private sector CUR is attributed to the drop in the pace of exports and slowdown in the private capital spending. Following the CUR data, economists expect industrial output to increase slightly 2 percent in June.