Turkey’s electricity consumption down 0.5% y/y in July

Electricity consumption in Turkey declined in July for the fifth month in a row. It fell 0.5% y/y to 27.2bn kWh but a 21% m/m recovery compared to June was implied, according to energy and natural resources data cited by Hurriyet Daily News on August 2.

Consumption collapsed by 17% y/y to 19.6bn kWh in coronavirus (COVID19)-troubled May after plunging 15% y/y to 19.1bn kWh in April, the lowest level recorded since 2013, according to data from Energy Exchange Istanbul.

In June, it was down by a limited 2% y/y.

As a result, electricity consumption contracted by 11% y/y to 61.3bn kWh in Q2 after growing 3% y/y in Q1.

The official statistical institute TUIK reported 6.2% y/y industrial growth and overall GDP growth of 4.5% y/y for Q1.

Turkey’s industrial production and GDP data, produced by the TUIK, are unfortunately far from reliable, while the Purchasing Managers’ Index (PMI) data compiled by IHS Markit under the sponsorship of the Istanbul Chamber of Commerce should be taken with a generous pinch of salt such are the difficulties of pinning down verifiable information in the Middle East’s largest economy, elusive at the best of times.

This being the case, electricity consumption is often seen as a more reliable indicator when it comes to getting some idea as regards the real level of industrial activity in the country.