Turkey Industrial production March 2022

Turkey

Turkey: Industrial output decelerates in March

May 13, 2022

Industrial output rose 9.6% year-on-year in March (February: +13.3% yoy). The print was driven by a broad-based deceleration in output growth, with mining and quarrying, manufacturing and energy output all losing steam.

Meanwhile, annual average industrial production growth accelerated to 19.0% in March (February: +17.5%), signaling an improving trend in the industrial sector.

On a seasonally-adjusted month-on-month basis, industrial output swung from a 4.4% expansion in February to a 1.8% contraction in March.

FocusEconomics panelists see industrial production increasing 4.4% in 2022, which is up 0.4 percentage points from the previous month’s forecast. For 2023, our panelists expect industrial production to increase 3.0%.


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Turkey Industrial production Chart


Turkey Industry March 2022

Note: Annual and monthly variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.


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