Turkey Industry March 2016


Turkey: Growth in industrial production decelerates to a six-month low in March

May 9, 2016

In March, industrial production expanded a calendar-adjusted 2.9% compared to the same month last year, which was below the revised 5.9% increase tallied in February (previously reported: +5.8% year-on-year). March’s result undershot the 5.1% increase that market analysts had expected and represented a six-month low. According to the statistical institute, March’s slowdown reflected a deceleration in manufacturing output as well as in electricity, gas and steam. Moreover, mining and quarrying tallied a contraction in the same month.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 0.5% in seasonally- and calendar-adjusted terms in March, which contrasted the 0.5% increase in February. Annual average growth in industrial output fell from February’s 4.1% to 4.0% in March.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.3% in 2016, which is unchanged from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.

Author: Ricard Torné, Lead Economist

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Turkey Industry Chart

Turkey Industry March 2016

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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