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.