1st sign of V shaped recovery seen: Turkey

The first sign of a 'V' shaped recovery is being seen in both industrial production and turnover indices, Turkey's treasury and finance minister said on Monday.

Commenting on the latest figures on the Turkish economy, Berat Albayrak said in a tweet that the wheels in the industry have started to accelerate again.

The industrial production in Turkey rose 17.4% in May month-on-month, the country's statistical authority said on Monday.

In addition, he noted, the total turnover index in the industry, construction, trade and service sectors rose by 12.5% in the same period.

"We saw the first signal of 'V' shaped recovery in both indices," he concluded.

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"All global markets experienced a sharp contraction in April. We were one of the top three countries that recovered in May, all sub-items of the index were positive," Mustafa Varank, Turkey's industry and technology minister, also said on Twitter.

When the subsectors of the industry were examined, the manufacturing index posted the highest rise in the month at 19.3% compared with a month earlier.

"Mining and quarrying index also increased by 4.5% and electricity, gas, steam and air conditioning supply index rose by 4.9% in May 2020," the Turkish Statistical Institute (TurkStat) said.

Meanwhile, the industrial production dropped by 19.9% on an annual basis.

All the subsectors of the industry saw decreases in May 2020 compared to the same month of last year.

The manufacturing index diminished the most with 20.6% in May annually.

It was followed by the mining and quarrying index and electricity, gas, steam and air conditioning supply index with 14.2% and 13.3% decreases, respectively.