Page 13 - TURKRptJul21

4.0 Real Economy 4.1 Industrial production
Turkey’s official seasonally and calendar-adjusted industrial production index was down 0.9% m/m in April while calendar-adjusted index was up 66% y/y.
Turkey’s crude steel production increased by 47% y/y to 3.3mn tonnes in April. In January-April, output was up 17% y/y to 13.1mn tonnes.
Turkey’s automakers produced a total of 83,000 vehicles in May, marking a 31.2% y/y increase. In January-May, the auto industry’s total output grew 28% y/y to 523,000 vehicles.
Turkey: Production indicators
%
Q1-20
Q2
Q3
Q4
2020
Q1-21
Apr
May
Jun
Q2
Official GDP Growth (y/y)
4.5
-10.3
6.3
5.9
1.8
7.0
Electricity Consumption (y/y)
3.3
-11.5
3.6
4.5
0.2
5.7
33.8
26.9
15.1
14.3
Employed (active, mn)
25.1
20.8
25.2
25.1
24.1
25.8
Industry (≈20% of GDP)
6.3
-16.5
7.3
10.3
2.0
11.7
Industrial Production Index
5.7
-16.6
8.5
10.2
2.2
11.2
65.2
Vehicle Production
-4.8
-51.6
5.4
11.3
-10.0
3.5
805.3
34.1
Steel Production
6.0
9.5
46.6
42.4
White Goods Production
3.0
166
60
4.2 Inflation
Official inflation rate, in line with the central bank governor’s guidance, dropped in May to 16.59% y/y from 17.14% in April.
Hotel prices gained by 40%, while eatery prices moved up 30%. Their costs climbed 40%.
13 TURKEY Country Report July 2021 www.intellinews.com