Turkey Industry


Industrial production slows in February

In February, industrial production expanded a calendar-adjusted 4.9% over the same month last year, which overshot the 4.6% increase that markets had expected. The print, however, marked a deceleration over the revised 7.1% increase tallied in January (previously reported: +7.3% year-on-year), which had represented the fastest pace since October 2011. According to the statistical institute, February's slowdown reflected slower growth in manufacturing output as well as in the mining and quarrying sector. Conversely, growth in the electricity, gas and steam category accelerated in February.

A month-on-month comparison corroborates the moderation suggested by the annual figures as industrial production declined 0.1% in seasonally and calendar-adjusted terms, which contrasted the 1.0% increase tallied in January. Annual average growth in industrial output inched up from 3.8% in January to 3.9% in February.

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.0% in 2014, which is unchanged from last month's forecast. Next year, the panel expects industrial output to increase 4.2%.

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Turkey Industry Chart

Turkey Industry February 2014

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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