Industrial production increased in May

Turkish Statistical Institute (TUIK) announced the industrial production index results for May.

Accordingly, in May, calendar-adjusted industrial production decreased by 19.9 percent compared to the same month of 2019, and the unadjusted industrial production index decreased by 30.6 percent.

When the sub-sectors of the industry are examined, the mining and quarrying sector index decreased by 14.2 percent, the manufacturing industry index decreased by 20.6 percent and the electricity, gas, steam and air conditioning production and distribution sector index decreased by 13.3 percent in May compared to the same month of 2019.

Monthly data in industrial production

Seasonally and calendar adjusted industrial production increased by 17.4 percent in May compared to the previous month.

In the month in question, the manufacturing industry sector index increased by 19.3 percent, the mining and quarrying sector index increased by 4.5 percent, and the electricity, gas, steam and air conditioning production and distribution sector index increased by 4.9 percent.

Economists participating in the AA Finance Industrial Production Expectation Survey expected the unadjusted industrial production index to decrease by 28.7 percent in May compared to the same month of 2019.

Revision description

In the statement of TUIK, it was stated that the data source in calculating the index is the monthly industrial production survey and that data obtained from value added tax (VAT) declarations are also used.

The statement noted the following:

“With the Tax Procedural Law General Communiqué, the deadlines for submitting VAT returns for March, April and May 2020 have been extended for certain sectors until the end of Monday, July 27, and not all VAT returns for May 2020 have been submitted by the relevant parties. Therefore, the Industry for May 2020 Production Index was calculated in line with international norms and methodologies, using alternative data sources such as VAT declarations, e-invoice, e-archive invoice, e-ticket, e-self-employment receipt, card payment and foreign trade data, as well as the monthly industrial production survey. “After the data is provided, the published indices will be revised if necessary.”

Source: https://www.aa.com.tr/tr/ekonomi/sanayi-uretimi-mayista-artti/1908343

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