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.