Turkey: Industrial output expands at fastest pace since August 2011 in March
Industrial production increased 16.6% year-on-year in March (February: +8.9% yoy). March’s print marked the best result since August 2011, but benefited from a supportive base effect due to the pandemic’s onset in the same month last year. Looking at the details of the release, mining and quarrying output slowed in March, while manufacturing output accelerated and energy output returned to growth.
Meanwhile, annual average industrial production growth rose to 3.4% in March (February: +1.9%), signaling an improving trend in the industrial sector.
On a month-on-month, seasonally- and calendar-adjusted basis, output expanded 0.7% in March, up from a 0.2% increase in February.
Muhammet Mercan, chief Turkey economist at ING, added:
“IP recorded notable growth in March, signaling further strong GDP growth in 1Q. This was despite renewed second wave pandemic control measures, along with continuing policy tightening in recent months.”