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Industrial Production Rises 1.1% M/M, Yearly Figure Contracts 0.2%

TURKEY
  • Turkey's seasonally and calendar adjusted industrial production rose 1.1% m/m in May versus a 0.9% contraction in April, according to data released by the Turkish Statistical Institute. Industrial production fell 0.2% y/y (Est: +0.8%) compared to -1.2% the month prior. The decline in the yearly figure was predominantly led by a 7.1% y/y contraction in mining and quarrying.
  • President Erdogan's request to pave the way for Turkey's EU membership in exchange for Sweden's acceptance of NATO membership has been met with cautious optimism in the business world, Cumhuriyet report. Business representatives say that the improvement of relations with the EU will revive the economy and want a series of economic and political reforms to be initiated, starting with the revision of the Customs Union and visa exemptions.
  • Foreign companies are showing strong interest in making investments in Turkey, Trade Minister Omer Bolat said as cited by Hurriyet. Foreigners were in the wait-and-see mode due to the uncertainties stemming from the May elections, but now business delegations are flocking to Turkey to hold talks, Bolat told a group of journalists. “There is a huge appetite from investors from the US, Europe, and the Gulf countries to do business,” the minister said. He noted that President Erdogan is scheduled to visit Saudi Arabia, Qatar and the UAE next week where some important trade and investment agreements will be signed.
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