Turkish industrial output contracts at slowest pace since crisis

Turkey’s industrial production declined in May at the slowest pace since a currency crisis peaked last August.

Production dropped an annual 1.3 percent, the Turkish Statistical Institute said on its website on Friday.

Turkey’s industrial output has declined for nine-straight months after the lira tumbled to a record low against the dollar in August last year. But there are signs of economic recovery after inflation slowed to less than 16 percent in June from a 15-year high of 25.2 percent in October and the lira stabilised.

Output of electricity, gas, steam and air conditioning rose an annual 4.1 percent, the institute said. Manufacturing output dropped 1.8 percent and production in mining and quarrying fell 2.5 percent.

On a month-on-month basis, output increased by 1.3 percent compared with April.