The Turkish Statistical Institute has announced the industrial production data for May as of now. According to TUIK data, annual industrial production fell for the first time in a long time for 2 consecutive months.
The statistics agency announced the annual industrial production index for May as -0.2%. Although this rate is better than the -1.2% recorded in April, it was noteworthy that the production in the industry decreased for the first time since 2019 for 2 consecutive months.
TUIK data reveals that there is an improvement on a monthly basis. Monthly industrial production, which was recorded as -0.9% in April, improved by 1.1% as of May.
High Technology Production Increases!
The negative course continues in the total data announced by the Turkish Statistical Institute. However, the increase in high technology stood out in sector-based evaluations. According to statistics, medium-high and high-tech output rose 7.3% and 6.2% year-on-year, respectively. In annual change, capital goods production increased by 18.1%, while durable consumption increased by 11.1%.
Despite such positive indicators, the decline in the total metric is based on other sectors. According to the annual record of TUIK, it was revealed that there was a decrease in energy, low technology, intermediate goods and mining production.
The sector with the highest loss in total production was mining and quarrying with -7.1%. The situation in other sectors that lost a significant amount of blood is as follows:
- Intermediate Goods: -5.5%
- Energy: -5.7%
- Low Tech: -3.0%
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