Turkey Industry


Industrial production moderates to five-month low in March

In March, industrial production expanded a calendar-adjusted 4.2% over the same month last year, which was below the revised 4.6% increase tallied in February (previously reported: +4.9% year-on-year) and marked the lowest growth rate since October 2013. The print overshot the 3.7% increase that the market had expected. According to the statistical institute, March's deceleration reflected slower growth for mining and quarrying as well as for the electricity, gas and steam category. Conversely, growth in manufacturing output accelerated slightly in March.

A month-on-month comparison corroborates the moderation suggested by the annual figures as industrial production declined 0.4% in seasonally and calendar-adjusted terms, which followed the 0.3% drop tallied in February. Nevertheless, annual average growth in industrial output inched up from 3.8% in February to 4.0% in March.

FocusEconomics Consensus Forecast participants expect industrial production to expand 2.8% in 2014, which is down 0.2 percentage points from last month's forecast. Next year, the panel expects industrial output to increase 4.3%.

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Turkey Industry Chart

Turkey Industry March 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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