Turkey Industrial production August 2020


Turkey: Industrial output notches quickest growth since January 2018 in August

October 13, 2020

Industrial production expanded 10.4% year-on-year in August (July: +4.5% yoy). August's figure marked the strongest expansion since January 2018 as economic activity continued to gain traction midway through the third quarter. The notable upturn came on the back of a pick-up manufacturing, and electricity, gas, steam and air condition output. Moreover, mining and quarrying returned to growth for the first time since February.

Meanwhile, the trend improved notably, with the annual average variation of industrial production flatlining, up from July's minus 1.2%.

Lastly, industrial output rose 3.4% month-on-month in August, down from July’s 8.5% increase.

FocusEconomics panelists see industrial production falling 6.1% in 2020, which is down 0.1 percentage points from the previous month’s forecast. For 2021, our panelists expect industrial production to increase 4.5%.


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Turkey Industrial production Chart

Turkey Industry August 20 20 0

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

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