Turkey: Industrial production improves in October
December 8, 2016
Industrial production increased by a calendar-adjusted 2.0% in October compared to the same month last year, contrasting the 3.1% fall registered in September. According to the Statistical Institute, October’s expansion was driven by growth in the manufacturing and electricity, gas, steam and air conditioning supply sub-sectors, which grew 1.7% and 5.7% respectively on a year-on-year basis. In contrast, the mining and quarrying sub-sector contracted by 0.4% in October compared to the same month last year.
Industrial production rose 3.7% in seasonally and calendar-adjusted month-on-month terms in October, a significant improvement from September’s 3.7% contraction. Annual average growth in industrial output decreased slightly from 2.4% in September to 2.2% in October.
Author: Oliver Reynolds, Economist