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.
Author: David Ampudia, Economist