By Ali Kucukgocmen
ISTANBUL, Aug 11 (Reuters) – Turkey’s industrial production is expected to have expanded 1.10% annually in June, when the country took controlled steps to reopen the economy following lockdown measures at the height of the coronavirus outbreak.
Turkey logged its first infection on March 11 and soon after many factories temporarily halted operations, leading to drops in factory activity during April and May of 31.4% and 19.9% respectively.
The median estimate in a Reuters poll of seven institutions showed a year-on-year expansion of 1.10% of the calendar-adjusted industrial production index in June. Forecasts ranged between an expansion of 7.8% and a contraction of 9.5%.
Industrial production, viewed as a pre-cursor to economic growth, last expanded in February.
Turkey’s economy expanded by 4.5% year-on-year in the first quarter but it is expected to have contracted in the second quarter due to the measures to stem the spread of the pandemic.
The country launched major reopening step on June 1 as it sought to kick-start the economy and the government said Turkey could end the year with a positive reading in terms of GDP performance. However most economists see the economy shrinking.
The Turkish Statistical Institute will announce industrial production figures on August 14 at 0700 GMT.
(Writing by Ezgi Erkoyun Editing by Daren Butler)
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