Turkey’s industrial production increased by 1.3% monthly in May. Among the subsectors of the industry, while mining and quarrying index increased by 8.4% and manufacturing index increased by 1.1%, electricity, gas, steam and air conditioning supply index decreased by 0.7% in May 2021, compared with previous month.
Industrial production index monthly change rates (%), May 2021
Retail sales volume with constant prices decreased by 6.1% mom in May 2021. In the same month food, drinks and tobacco sales decreased by 6.1%, non-food (except automotive fuel) sales decreased by 7.6%, automotive fuel sales decreased by 2.2%.
Retail sales volume monthly rate of change (%), May 2021
Retail turnover with current prices decreased by 4.7% mom in May 2021 In the same month food, drinks and tobacco sales decreased by 1.7%, non-food (except automotive fuel) sales decreased by 7.2%, automotive fuel sales decreased by 3.1%.
Retail turnover monthly rate of change (%), May 2021
The base year effect elevates
Industrial production increased by 40.7% annually in May, with mining and quarrying index by 33.4%, manufacturing index by 42.8% and electricity, gas, steam and air conditioning supply index by 20.9% in May 2021, compared with same month of previous year.
Retail sales volume with constant prices increased by 27.0% in May 2021 compared with the same month of previous year. In the same month food, drinks and tobacco sales increased by 10.6%, non-food (except automotive fuel) sales increased by 39.0%, automotive fuel sales increased by 28.5%.
Similarly, retail turnover with current prices increased by 49.2% in May 2021 compared with the same month of previous year. In the same month food, drinks and tobacco sales increased by 28.9%, non-food (except automotive fuel) sales increased by 62.5%, automotive fuel sales increased by 60.2%.
Such base year effect is likely to pull Turkey’s 2021 GDP growth well above 8%. However, while the manufacturing sector is strong through export demand, domestic demand is sliding given the economic circumstances of high inflation and weak currency. Recession in 4Q21 now appears in the horizon.
Industrial production index annual change rates (%), May 2021
