Turkey: Industrial production improves in August
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year. This contrasted July’s 4.9% increase, which had marked the lowest reading since September 2009. According to the Statistical Institute, August’s improvement reflected an expansion in the manufacturing sector, which swung from a 6.5% decrease in July to a 1.5% increase in August. Moreover, the mining and quarrying sector expanded 4.3%, which was an improvement over the 0.6% decrease in the previous month.
A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production increased 9.4% in seasonally- and calendar-adjusted terms in August, which contrasted July’s 7.2% decrease and marked a multi-year high. Annual average growth in industrial output decreased from July’s 3.3% to 2.9% in August.
Author: Dirina Mançellari, Senior Economist