Turkish industrial production grew more than expected in May, official data showed Thursday, rising for a 23rd consecutive month and holding firm against a background of lira weakness and rampant inflation.
Industrial production expanded 9.1% year-over-year in May, the Turkish Statistical Institute (TurkStat) said.
Month-over-month, industrial output expanded 0.5% on a calendar and seasonally adjusted basis, the statistical institute said.
The manufacturing index posted the best performance among industrial sub-sectors in May, shooting up 10.7% from the same month last year, the data showed.
The electricity, gas, steam, and air conditioning supply index was flat, rising marginally by 0.3%, while the mining and quarrying index fell by 5.7%.
On a monthly basis, the industrial output rose slightly by 0.5% from April.
“When the subsectors of the industry were examined, mining and quarrying index decreased by 3.0%, manufacturing index increased by 0.8%, electricity, gas, steam and air conditioning supply index decreased by 0.3% in May 2022, compared to previous month,” TurkStat said.