Turkey: Industrial production growth picks up in July
September 17, 2018
Industrial production rose 5.6% in July in calendar-adjusted year-on-year terms, up from June’s revised 2.8% expansion (previously reported: +3.2% yoy). July’s acceleration was driven by faster expansions in the manufacturing; and mining and quarrying sectors. In contrast, the electricity, gas, steam and air conditioning supply sector lost momentum in annual terms.
On a seasonally- and calendar-adjusted month-on-month basis, industrial production jumped 3.5%, contrasting June’s 2.1% contraction.
Annual average growth in industrial output fell from 9.7% in June to 8.9% in July.
Turkey Industrial Production Forecast
Despite July’s positive outturn, industrial production is likely to perform poorly in the remainder of the year, dampened by August’s bout of financial and exchange rate volatility, markedly higher domestic interest rates and elevated inflation. FocusEconomics Consensus Forecast panelists expect industrial production to rise 4.7% in 2018 and 3.9% in 2019.
Author: Oliver Reynolds, Economist
