Turkey Industry

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Turkey: Growth in industrial production hits four-month low in October

December 8, 2014

In October, industrial production expanded a calendar-adjusted 2.4% over the same month last year, which was a notch below the 2.5% increase tallied in September (previously reported: +2.2% year-on-year). The print represented the weakest growth in four months and undershot the 3.5% increase that market analysts had expected. According to the statistical institute, October’s reading reflected a deceleration in electricity, gas and steam as well as in mining and quarrying. Conversely, growth in manufacturing output picked up in the same month.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 1.8% in seasonally- and calendar-adjusted terms. The reading contrasted the 2.1% decrease tallied in September and marked the largest drop in one year. Annual average growth in industrial output stabilized in October at the previous month’s 4.2%.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.5% in 2014, which is unchanged from last month’s estimate. The panel sees industrial output increasing 4.1% in 2015, which is also unchanged over the previous month’s estimate.


Author: Ricard Torné, Lead Economist

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Turkey Industry October 2014

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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