Turkey Industry


Industrial production moderates in March

In March, industrial production expanded a calendar adjusted 1.4% over the same month last year. The reading came in well below the 4.3% rise seen in the previous month (previously reported: +4.4% year-on-year) and was a notch below market expectations that had industrial output increasing 1.5%. The monthly slowdown mainly reflects softer growth in manufacturing output. On the other hand, both mining and quarrying as well as electricity, gas, steam and air conditioned supply contracted less than in the previous month.

A month-on-month comparison corroborates the deterioration suggested by the annual figures, as industrial production fell a seasonally and calendar-adjusted 0.9% in March, which contrasted the 1.5% increase observed in February. As a result of the weaker print, the trend now points downwards, with annual average growth in industrial production declining from 2.7% in February to 2.5% in March.

FocusEconomics Consensus Forecast participants expect industrial production to expand 4.6% in 2013, which is unchanged from last month's forecast. Next year, the panel anticipates industrial output to increase 6.1%.

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Turkey Industry Chart

Turkey Industry March 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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