Turkey Industry July 2018

Turkey

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:, Economist

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Turkey Industry July 2018

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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