Turkey Industry September 2018

Turkey

Turkey: Industrial production contracts in September

November 16, 2018

Industrial production declined 2.7% in September in calendar-adjusted year-on-year terms, contrasting August’s revised 1.6% increase (previously reported: +1.7% year-on-year). September’s reading was driven by contractions in the manufacturing, and electricity, gas, steam and air conditioning supply sectors, while the mining and quarrying sector grew solidly.

On a seasonally- and calendar-adjusted month-on-month basis, industrial output fell 2.7%, down from August’s 1.3% drop. Annual average growth in industrial output fell from 8.3% in August to 6.9% in September.

Industrial production is likely to remain soft 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 next year and the year after, with FocusEconomics Consensus Forecast panelists expecting industrial production to rise 2.2% in 2019 and 3.9% in 2020.


Author:, Economist

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Turkey Industry September 2018 0

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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