Turkey Industry April 2016


Growth in industrial production slows to an eight-month low in April

In April, industrial production expanded a calendar-adjusted 0.7% compared to the same month last year, which was below the revised 3.0% increase tallied in March (previously reported: +2.9% year-on-year). April’s result undershot the 3.1% increase that market analysts had expected and represented an eight-month low. According to the statistical institute, April’s slowdown reflected a deceleration in manufacturing output as well as a steeper contraction in mining and quarrying. Conversely, the pace of expansion in electricity, gas and steam accelerated in the same month.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 1.1% in seasonally- and calendar-adjusted terms in April, which followed the 0.5% decrease in March. Annual average growth in industrial output decreased from March’s 4.0% to 3.7% in April.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.3% in 2016, which is unchanged from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.

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Turkey Industry Chart

Turkey Industry April 2016

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.

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