Turkey Industry

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Turkey: Industrial production decelerates in September

November 9, 2015

In September, industrial production expanded a calendar-adjusted 2.8% over the same month last year, which was notably below the 7.2% increase tallied in August. September’s result overshot the flat reading that market analysts had expected. According to the statistical institute, the result reflected a notable slowdown in manufacturing production as well as a sharp drop in mining and quarrying. Conversely, growth in the electricity, gas and steam category accelerated to a one-year high.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell from a 3.0% expansion in seasonally- and calendar-adjusted terms in August to a flat reading in September. Annual average growth in industrial output rose from August’s 2.5% to 2.6% in September.

FocusEconomics Consensus Forecast participants expect industrial production to rise 2.8% in 2015, which is down 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.4% in 2016, which is unchanged from last month’s projection.


Author: Ricard Torné, Lead Economist

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Turkey Industry September 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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