Turkey: Industrial production expands at fastest pace in more than a year
September 9, 2013
In July, industrial production expanded a calendar-adjusted 4.6% over the same month last year. The reading represents an acceleration compared to the 4.2% increase observed in June and marks the fastest pace of expansion since May 2012. The expansion primarily reflects a notable improvement in the all-important manufacturing production sector, while the mining and quarrying sector as well as the energy production sector deteriorated.
A month-on-month comparison shows that industrial production increased 0.9% in July in seasonally-adjusted terms. The reading came in below the 1.4% increase recorded in June. As a result of July's stronger annual data, annual average growth in industrial production rose from 2.2% in June to 2.3% in July.
FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2013, which is down 0.7 percentage points from last month's forecast. Next year, the panel expects that industrial output will increase 5.3%.