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Turkey industrial production growth exceeds expectations

Staff Writer | July 14, 2016
Turkey's industrial production accelerated at a faster-than-expected pace in May, after easing in the previous two months, figures from the Turkish Statistical Institute showed.
Turkey factory
Economy in Turkey   Manufacturing sector grew 6.3 percent
Industrial production advanced a calendar-adjusted 5.6 percent year-over-year in May, well above economists' expectations for a 3.6 percent climb.

It was also much faster than the 0.7 percent rise in April. The measure has been rising since February 2015.

Production in the manufacturing sector grew 6.3 percent annually in May and utility sector output gained by 3.2 percent. Meanwhile, production in the mining and quarrying sector registered a decrease of 0.8 percent.

On a monthly basis, industrial production rose 1.6 percent in May, reversing a 1.1 percent drop in April. It was the first decline in three months.