Turkey's Q1 industrial growth slows

Turkey’s Q1 industrial growth slows

Turkey's State Institute of Statistics disclosed that the country's 2005 first quarter industrial output growth fell short of expectations, rising only 6.2% year on year. Industrial output is a major input in calculating GDP (Gross Domestic Product) growth figures. Several economists indicate that the increase in industrial output is not enough to meet the first quarter economic growth predictions. First quarter GDP had been expected to exceed 5.5% due to average monthly industrial output. With quarterly industrial output being pegged at 6.2%, first quarter GDP growth will fall short of 5%. A 4.6% decline in public sector manufacturing output during the first quarter is also noteworthy. Public sector manufacturing output showed a decline despite a 43% rise in mining output.