Turkey: Industrial production hits a 14-month high in November
January 8, 2013
In November, industrial production expanded 11.3% over the same month the year before. The reading contrasted the 5.7% contraction recorded in October and widely exceeded market expectations, which had anticipated that industrial output would increase only 1.1%. The figure marks, in fact, the fastest growth rate recorded since September 2011. The monthly expansion was mainly driven by a robust expansion in manufacturing as well as in mining and quarrying.
A month-on-month comparison corroborates the improvement reflected in the annual figures, as industrial production grew a seasonally and calendar-adjusted 1.5% in November, contrasting the 2.4% drop observed in October. As a result of the faster growth seen in November, the trend now points upwards, with annual average growth in industrial production rising from 2.8% in October to 3.0%.