FX.co ★ Turkey Industrial Output Stalls in May

Turkey’s industrial production was flat year-on-year in May 2026, after a marginally revised 6.1% increase in April, which had been the strongest annual expansion since August 2025. Manufacturing output, the largest component of industry, slowed sharply to 0.3% growth from 6.9% in the previous month, pressured by weaker production of tobacco products, wearing apparel, leather and related products, printing, and coke and refined petroleum products. Growth in electricity, gas, steam, and air-conditioning supply also moderated (1.0% vs. 1.8% in April). At the same time, the contraction in mining and quarrying deepened (-5.0% vs. -2.8%), further weighing on overall industrial performance. On a monthly basis, industrial production fell 2.9%, reversing a marginally revised 3.8% increase in April and indicating that momentum softened following the strong rebound in the previous month.