Turkey Industry December 2015

Turkey

Turkey: Industrial production accelerates in December

February 8, 2016

In December, industrial production expanded a calendar-adjusted 4.5% compared to the same month of the previous year, which was above the revised 3.6% increase tallied in November (previously reported: +3.5% year-on-year). December’s result overshot the 3.6% increase that market analysts had expected. According to the statistical institute, the result reflected a broad-based improvement. Growth in electricity, gas and steam accelerated to a 16-month high, while the drop in mining and quarrying was less pronounced compared to the previous month. Dynamics in manufacturing production improved slightly in December.

A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production swung from a 0.8% contraction in seasonally- and calendar-adjusted terms in November to a 0.8% increase in December. Annual average growth in industrial output rose from November’s 2.9% to 3.1% in December.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.2% in 2016, which is down 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.


Author: Ricard Torné, Lead Economist

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Turkey Industry December 2015

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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