Turkey Industry


Industrial production hits a 14-month high in November

In November, industrial production expanded 11.3% over the same month the year before. The reading contrasted the 5.7% contraction recorded in October and widely exceeded market expectations, which had anticipated that industrial output would increase only 1.1%. The figure marks, in fact, the fastest growth rate recorded since September 2011. The monthly expansion was mainly driven by a robust expansion in manufacturing as well as in mining and quarrying.

A month-on-month comparison corroborates the improvement reflected in the annual figures, as industrial production grew a seasonally and calendar-adjusted 1.5% in November, contrasting the 2.4% drop observed in October. As a result of the faster growth seen in November, the trend now points upwards, with annual average growth in industrial production rising from 2.8% in October to 3.0%.

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Turkey Industry Chart

Turkey Industry November 2013

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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