Turkey: Industrial production growth accelerates to 8-month high in January
March 8, 2017
Industrial production increased by a calendar-adjusted 2.6% in January compared to the same month last year, the highest reading in eight months and ahead of market analysts’ expectations of a 1.8% jump, following the revised 1.6% increase (previously reported: +1.3% year-on-year) registered in December. According to the Statistical Institute, the result was driven by growth in the manufacturing and electricity, gas, steam and air conditioning supply sub-sectors, with manufacturing growing at its fastest clip in eight months. Meanwhile, contraction in the mining and quarrying sub-sector continued in January at its fastest pace in more than six years.
Industrial production increased by 1.3% in seasonally- and calendar-adjusted month-on-month terms in January, an improvement from December’s revised flat reading (previously reported: +0.2% mom). Annual average growth in industrial output decreased from 1.9% in December to 1.7% in January.
Author: Christopher Thomas, Economist