Turkey Industry

Turkey

Turkey: Industrial production accelerates to over year-and-a-half high in August

October 8, 2015

In August, industrial production expanded a calendar-adjusted 7.2% over the same month last year, which was notably above the meagre 0.3% increase tallied in July and marked a 19-month high. July’s result had marked the smallest expansion since January 2015. August’s result significantly exceeded the 2.1% expansion that market analysts had expected. According to the statistical institute, the result reflected a notable pickup in manufacturing production and an improvement in electricity, gas and steam production.

A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rebounded from a 1.5% contraction in July to a 2.9% expansion in August. Annual average growth in industrial output rose from July’s 2.3% to 2.5% in August.

FocusEconomics Consensus Forecast participants expect industrial production to rise 2.9% in 2015, which is up 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.4% in 2016.


Author: Angela Bouzanis, Senior Economist

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Turkey Industry August 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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