Turkish industrial production index beats record
The State Institute of Statistics (DIE) said that
Turkey's industrial output rose by 16.5% in May from a year earlier, surpassing the market expectations of 16.1%. Additionally, industrial
production index jumped the highest level with 125.5 points in May. Previously the index reached the highest level with 123.7 points in December 2003.
In May, industrial
production was mainly driven by the strong
production performance of motor vehicles. The
production of motor vehicles soared by 80.5% compared to the same period of last year. The increase in this item is attributed to the revival in exports and higher domestic demand.
According to Turkish Exporters Assembly (TIM) data, exports amounted to $4.95 billion in May, up by 26.8% compared to the same period of last year. The increase in motor vehicle and trailer exports was recorded as 46%.
According to the weight, the chemical industry showed the second high performance with a 23% rise. The machine and equipment
production surged by 26%, indicating the strong investment in Turkish economy continued in May. The figures released last month marked that
investments increased by 61% in the first quarter.
The upward trend of industrial
production denotes that the strong growth performance that posted 10.1% increase in GDP (Gross Domestic Product) and 12.4% in GNP (Gross National Product) in the first quarter continues in the second quarter.