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Turkish industrial production seen contracting 2.35% in May - Reuters poll

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Turkish industrial production seen contracting 2.35% in May - Reuters poll
FILE PHOTO: A man works at Turkish steel manufacturer ISDEMIR's plant in Iskenderun in Hatay province May 6, 2010. REUTERS/Umit Bektas   -   Copyright  Umit Bektas(Reuters)
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ISTANBUL (Reuters) – Turkey’s industrial production output is expected to register a 2.35% annual contraction in May, a Reuters poll showed on Wednesday, as the economy struggles to leave behind the damage of last year’s currency crisis.

The economy contracted 2.6% in first quarter after a 3% drop in the last quarter of 2018 and economic activity has remained slow since, with the central bank’s policy rate standing at 24% since September.

The median estimate in a Reuters poll of 6 economists showed a year-on-year contraction of 2.35% of the calendar-adjusted industrial production index. Forecasts ranged between a contraction of 1.32% and 4.1%.

Turkish industrial production fell a greater-than-expected 4.0% year-on-year in April, reflecting the impact of renewed lira weakness as the index contracted for an eighth consecutive month.

The Turkish Statistical Institute will announce the industrial production figures for May on July 12 at 0700 GMT.

(Writing by Ezgi Erkoyun; Editing by Dominic Evans)

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