ANKARA
Industrial production rose 2.4 percent in May from the same month in the previous year, the Turkish Statistical Institute said in a statement on Wednesday.
The improvement supassed analysts’ forecast average of 1.5 percent by 0.9 percentage points.
Analysts attributed the rise in production to demand for Turkish intermediate goods in Germany. "In 2013, the pick-up in the German economy (and the eurozone in general) helped Turkey reach its 4 percent growth target. This year, the German economy is leading the recovery in the eurozone again. If the German economy can sustain its strength into the second half of the year, it may further boost both Turkish production and the economy."
The manufacturing index increased by 3 percent year-on-year. In the subsectors of manufacturing, the highest increase was in the repair and installation of machinery and equipment index, up by 33.6 percent. This was followed by the manufacture of coke and refined petroleum products index which rose 22.2 percent.
The electricity, gas, steam and air conditioning supply increased by 3.8 percent from May 2014.
The largest decrease was in the manufacture of computer, electronic and optical products by 34.8 percent, followed by the manufacture of other transport equipment which dropped 24.7 percent, and the manufacture of motor vehicles, trailers and semi-trailers, down by 12.2 percent in May 2015, compared with the previous month.
