Turkey Industry

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Turkey: Industrial production growth at seven-month high in August

October 10, 2014

In August, industrial production expanded a calendar-adjusted 5.2% over the same month last year, which was above the 3.6% increase tallied in July. The print represented the strongest growth since January but undershot the 5.7% increase that market analysts had expected. According to the statistical institute, August’s reading reflected accelerations in all the main categories, with mining and quarrying recording the strongest growth and the electricity, gas and steam category expanding at the fastest pace since July 2012.

A month-on-month comparison does not corroborate the improvement suggested by the annual figures as industrial production dipped 1.4% in seasonally- and calendar-adjusted terms. The reading contrasted the 1.8% increase tallied in July and marked the weakest result in 10 months. Annual average growth in industrial output rose from 4.1% in July to 4.5% in August.

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2014, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 4.2%.


Author: Ricard Torné, Lead Economist

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Turkey Industry August 2014

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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