Turkey Industry

Turkey

Turkey: Growth in industrial production reaches four-month high

January 8, 2015

In December, industrial production expanded a calendar-adjusted 2.6% over the same month of the previous year, which was well above the 0.7% increase tallied in November and marked the fastest increase in four months. The print overshot the 2.0% increase that market analysts had expected. According to the statistical institute, December’s reading reflected an expansion in mining and quarrying as well as in manufacturing. On the other hand, electricity, gas and steam recorded a slight contraction over the same month of the previous year.

A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rose 1.2% in seasonally- and calendar-adjusted terms. The reading contrasted the 0.1% decrease tallied in November. Annual average growth in industrial output fell from November’s 4.1% to 3.7% in December, thus marking a year low.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.0% in 2015, which is unchanged from last month’s estimate. The panel sees industrial output increasing 4.6% in 2016.


Author: Ricard Torné, Lead Economist

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Turkey Industry December 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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