Turkey: Industrial production accelerates in June
August 12, 2013
In June, industrial production expanded a calendar adjusted 4.2% over the same month last year. The reading came in well above the 1.0% rise in the previous month and marks the fastest pace in four months. The expansion reflects improvement in the all-important manufacturing sector, whereas both the mining and quarrying sector as well as the energy production sector deteriorated.
A month-on-month comparison corroborates the acceleration suggested by the annual figures; industrial production rose a seasonally and calendar-adjusted 1.4% in June, which contrasts the 0.7% decrease observed in May. As a result of the stronger annual print, annual average growth in industrial production rose from 2.0% in May to 2.2% in June.
FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2013, which is down 0.7 percentage points from last month's forecast. Next year, the panel expects that industrial output will increase 5.3%.