Page 17 - TURKRptAug20

The statistical institute TUIK reported a 6.2% y/y growth in industry and an overall GDP growth of 4.5% y/y for Q1.
Turkey’s industrial production and GDP data, produced by the TUIK, are unfortunately far from reliable, while the Purchasing Managers’ Index (PMI) data compiled by IHS Markit under the sponsorship of the Istanbul Chamber of Commerce should be taken with a generous pinch of salt such are the difficulties of pinning down verifiable information in the Middle East’s largest economy, elusive at the best of times.
This being the case, electricity consumption is seen as a more reliable indicator when it comes to getting some idea as regards the real level of industrial activity in the country.
In April, Cem Asik, head of Turkey’s Electricity Producers Association, anticipated a 17% decline in electricity consumption in May and a 4% contraction in June.
The official capacity utilisation rate (CUR) of Turkey’s manufacturing industry increased 4.7pp m/m to 70.7% in July​, according to a Turkish central bank ​survey​.
Confidence among manufacturers increased to 100.7 points​ from 92.6 in June, the central bank said. The benchmark index last recorded a positive number in February, at 106.9 points. Confidence stood at 98.3 points in July
17​ TURKEY Country Report​ August 2020 ​ ​www.intellinews.com