Turkey: Industrial output returns to growth in September
November 14, 2019
Industrial production returned to growth for the first time in 13 months, with output expanding 3.4% year-on-year in September, swinging from the 3.6% contraction recorded in August. Muhammet Mercan, chief economist at ING Turkey, noted that the “uptrend” in industrial production on an annual basis “will be more evident and pronounced in the months ahead with large base effects.” However, the print was slightly below market expectations of a 3.6% annual expansion. A breakdown by sector showed that the expansion was broad-based as all three main sectors recorded growth, with the mining and quarrying sector leading the way with a strong rise in output, followed by manufacturing. The electricity, gas and steam sector, meanwhile, logged a small expansion.
On a month-on-month, seasonally- and calendar-adjusted basis, industrial output rose 3.2% in September, contrasting the revised 2.7% fall in August (previously reported: -4.3% month-on-month).
Author: Jan Lammersen, Economist