Turkey: Growth in industrial production slows to an eight-month low in April
June 8, 2016
In April, industrial production expanded a calendar-adjusted 0.7% compared to the same month last year, which was below the revised 3.0% increase tallied in March (previously reported: +2.9% year-on-year). April’s result undershot the 3.1% increase that market analysts had expected and represented an eight-month low. According to the statistical institute, April’s slowdown reflected a deceleration in manufacturing output as well as a steeper contraction in mining and quarrying. Conversely, the pace of expansion in electricity, gas and steam accelerated in the same month.
A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 1.1% in seasonally- and calendar-adjusted terms in April, which followed the 0.5% decrease in March. Annual average growth in industrial output decreased from March’s 4.0% to 3.7% in April.