Turkey Industry

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Turkey: Industrial production moderates to seven-month low in May

July 8, 2014

In May, industrial production expanded a calendar-adjusted 3.3% over the same month last year, which was below the 4.6% increase tallied in April and represented the weakest growth in seven months. The print undershot the 4.0% increase that market analysts had expected. According to the statistical institute, May’s reading reflected a broad-based deceleration, with both manufacturing and the mining and quarrying sectors recording the sharpest slowdowns in output. In addition, the electricity, gas and steam category moderated marginally in May.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 1.0% in seasonally- and calendar-adjusted terms, which contrasted the 0.9% increase tallied in April. Annual average growth in industrial output inched up from 4.2% in April to 4.4% in May, which represented the highest level since July 2012.

FocusEconomics Consensus Forecast participants expect industrial production to expand 2.7% in 2014, which is down 0.1 percentage points from last month’s forecast. Next year, the panel expects industrial output to increase 4.3%.


Author: Ricard Torné, Lead Economist

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