Turkey: Industrial production decelerates in August
October 10, 2011
In August, industrial production expanded 3.8% over the same month last year. The reading was well below the 6.9% rise tallied in July and undershot market expectations, which saw output expanding 5.5%. A month-on-month comparison corroborates the deceleration suggested by annual figures, as industrial production contracted a seasonally and calendar-adjusted 2.6% in August, which contrasted the 2.6% expansion in July. As a result, the trend points downwards, with annual average growth in industrial production dropping from 10.8% in July to 10.2% in August. The government expects the economy to grow 7.5% this year. On 13 October, Turkish Deputy Prime Minister Ali Babacan lowered the government's 2012 prediction to 4.0% from a previous expectation of 5.0%.