Turkey Industry April 2017

Turkey

Turkey: Industrial production gains further traction in April

June 8, 2017

Hard data continues to corroborate the positive effects the government’s counter-cyclical measures are having on Turkish economic activity. Against a backdrop of soaring manufacturing sentiment and multi-year high capacity utilization rates, industrial production expanded by a calendar-adjusted 6.7% in April compared to the same month last year, well above March’s 2.6% increase and the largest rise since August 2015.

According to the Statistical Institute, the acceleration in output was due to a much better performance in the manufacturing sector as well as an upswing in mining and quarrying output growth. By industrial groupings, durable consumer and capital goods both soared by double-digits in April from the same month of the previous year, while the only one to drop slightly was non-durable consumer goods.

Industrial production expanded by 2.3% in seasonally- and calendar-adjusted month-on-month terms in April, following March’s milder 1.1% increase. Annual average growth in industrial output leaped to 1.7% in April from 1.2% in March.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 2.4% in 2017, which is down 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.0% in 2018.


Author:, Economist

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Turkey Industry April 2017

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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