Turkey: Industrial production declines at the end of the year
February 8, 2013
In December, industrial production contracted 3.8% over the same month the year before. The reading contrasted the robust 11.3% expansion recorded in November and surprised the market on the downside, as analysts had anticipated that industrial output would drop only 0.4%. The monthly deterioration mainly reflects contractions in all main components, with mining and quarrying recording the largest drop.
A month-on-month comparison corroborates the deterioration seen in the annual figures, as industrial production declined a seasonally and calendar-adjusted 1.5% in December, contrasting the 1.3% rise observed in November. As a result, in the full year 2012, industrial production expanded 2.3% over the same period the previous year, which is well below the 8.9% expansion tallied in 2011.