Turkey: Industrial production grows at fastest pace in over two years
March 10, 2014
In January, industrial production expanded a calendar-adjusted 7.3% over the same month last year, which followed the revised 7.0% increase tallied in December (previously reported: +7.1% year-on-year). The expansion, which largely exceeded the 2.9% increase that markets had expected, marked the fastest pace since October 2011. According to the statistical institute, January's expansion reflected robust expansions in manufacturing output as well as in the mining and quarrying sector. Conversely, growth in the electricity, gas and steam category slowed in January. A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production expanded 1.1% in seasonally and calendar-adjusted terms, which was above the 0.2% increase tallied in December. Annual average growth in industrial output rose from 3.4% in December to 3.8% in January. FocusEconomics Consensus Forecast participants expect industrial production to expand 3.0% in 2014, which is down 0.2 percentage points from last month's forecast. Next year, the panel expects industrial output to increase 4.4%.