Turkey’s Industrial Production Accelerates

Data showed Turkish industrial production rose 4.4% year-on-year in July, exceeding expectations and continuing to accelerate since the economy reopened in June following anti-Coronavirus closures.

In a Reuters poll, industrial output was expected to grow 3% year-on-year in July. Compared to the previous month, production in the manufacturing sector rose by 8.8% in July, the Turkish Statistical Institute said.

Turkey detected its first infection with the virus on March 11, and many factories immediately followed that which led to a decline of 31.4% in production in April and 19.9% in May. Industrial production rose 0.1% in June.