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Financial News: Turkey Industrial Output Expands Further; Retail Sales Gro

Turkey Industrial Output Expands Further; Retail Sales Growth At 1-Year High

07/14/2022 - 09:39:00 (RTTNews)

(RTTNews) - Turkey's industrial production continued its expanding trend in May, while retail sales growth accelerated to a one-year high, data from the Turkish Statistical Institute showed on Thursday.

Industrial production climbed a calendar adjusted 9.1 percent year-over-year in May, slower than the 10.8 percent rise in April. Production has been rising since July 2020.

The overall expansion in May was largely driven by a 10.7 percent surge in manufacturing output. However, Output produced in the utility sector was only 0.3 percent.

At the same time, mining and quarrying production registered a negative growth of 5.7 percent.

Compared to the previous month, the seasonally adjusted industrial production moved up 0.5 percent in May, after remaining flat in the preceding month.

In a separate report, the statistical office revealed that annual retail sales growth accelerated further to 20.8 percent in May from 15.0 percent in the previous month.

The latest rate of increase was the fastest since May 2021, when sales had grown 27.8 percent.

Non-food sales, except automotive fuel, surged 34.3 percent yearly in May, and food, drinks and tobacco sales gained 5.1 percent.

Month-on-month, retail sales rose at a slower pace of 1.9 percent in May, after a 2.3 percent increase in the preceding month.

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