Turkey Industry January 2017

Turkey

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.

FocusEconomics Consensus Forecast panelists expect industrial production to rise 2.8% in 2017, which is down 0.3 percentage points from last month’s estimate. The panel sees industrial output increasing 3.2% in 2018.


Author:, Economist

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Turkey Industry January 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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