Turkey Industry November 2018

Turkey

Turkey: Industrial production contracts again in November

January 14, 2019

Industrial production declined 6.5% in November in calendar-adjusted year-on-year terms, a deterioration from October’s 5.7% decrease. November’s reading was driven by contractions in the manufacturing; mining and quarrying; and electricity, gas, steam and air conditioning supply sectors.

On a seasonally- and calendar-adjusted month-on-month basis, industrial output fell 0.3%, up from October’s 2.2% fall. Annual average growth in industrial output fell from 5.7% in October to 4.3% in November.

Industrial production is likely to remain weak in the months ahead due to subdued domestic demand, tight financial conditions and elevated inflation putting pressure on firms’ margins. However, industrial production should gradually improve later this year, as the economy recovers and interest rates decline. FocusEconomics Consensus Forecast panelists expect industrial production to rise 0.7% in 2019 and 3.3% in 2020.


Author:, Economist

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Turkey Industry November 2018

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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