Turkey Industry January 2015

Turkey

Turkey: Growth in industrial production hits five-month high in January

March 8, 2016

In January, industrial production expanded a calendar-adjusted 5.6% compared to the same month last year, which was above the revised 4.6% increase tallied in December (previously reported: +4.5% year-on-year). January’s result overshot the 4.0% increase that market analysts had expected. According to the statistical institute, the result reflected an acceleration in manufacturing output and a rebound mining and quarrying. Conversely, growth in electricity, gas and steam decelerated in January.

A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rose 1.0% in seasonally- and calendar-adjusted terms in January, which was above the 0.8% increase in December. Annual average growth in industrial output rose from December’s 3.1% to 3.7% in January, which marked a 14-month high.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.3% in 2016, which is up 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.


Author: Ricard Torné, Head of Economic Research

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Turkey Industry January 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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