Industrial production showed negative results for two consecutive months. This year, semiconductor production, which was driving our economy, fell by 10%, showing a slowdown in the manufacturing industry. Facility investment also continued to decline for the second month. According to the ‘Industrial Activity Trends for May 2026’ announced by the National Data Agency on the 30th, overall industrial production last month decreased by 0.3% compared to the previous month. The industrial production growth rate recorded -0.8% in January of this year and then increased for two consecutive months in February (2.1%) and March (0.4%), but fell due to the base effect from high growth in the first quarter and the influence of the Middle East war. It took a step back in April (-0.4%) and May (-0.3%). Mining and industrial production, including manufacturing, decreased by 3.0% compared to the previous month. Production of automobiles (2.7%) and petroleum refining (9.8%) increased, but semiconductors (-10.0%) and pharmaceuticals (-17.5%) decreased significantly. Manufacturing shipments decreased by 2.4% compared to the previous month. Both domestic (-2.5%) and export (-2.3%) shipments decreased. The inventory/shipment ratio was 101.8%, an increase of 4.0 percentage points (p) compared to the previous month. manufacturing