Macroeconomic Forecast Turkey

Turkish industrial production (IP) grew 15.6% year-on-year (y-o-y) in May, slightly lower than the 17.0% seen in the preceding month as lower base effects begin to unwind. Nevertheless, the three-month moving average monthly growth rate continued to climb in May, up to 6.0% from 4.9% in April, highlighting the increase in Turkish capacity utilisation and domestic demand. We currently forecast average IP growth of 13.0% in 2010, compared to -9.4% in 2009.

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