In August, industrial production contracted 1.5% over the same month last year. The reading contrasted the revised 3.3% rise recorded in July (previously reported: +3.4% year-on-year) as well as market expectations, which had anticipated that industrial output would increase 2.6%. The figure marks, in fact, the first contraction seen in nearly three years. The monthly drop was entirely driven by a decline in the all-important manufacturing sector, whereas mining and quarrying as well as electricity, gas and steam expanded in annual terms. A month-on-month comparison corroborates the deterioration reflected in the annual figures, as industrial production fell a seasonally and calendar-adjusted 2.3% in August, contrasting the 1.3% increase observed in July. As a result of the monthly contraction, the trend continues to point downwards, with annual average growth in industrial production falling from 4.8% in July to 4.4%.
Industrial production contracts for the first time since 2009
October 9, 2012
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Turkey Economic News
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.