Turkey: Industrial production rebounds in January
March 8, 2013
In January, industrial production expanded 2.1% over the same month last year. The reading contrasted the 2.8% drop recorded in December and surprised the market on the upside, as analysts had anticipated that industrial output would fall 1.6%. The monthly improvement mainly reflects a strong rebound in manufacturing as well as a slower contraction in mining and quarrying.
A month-on-month comparison corroborates the improvement seen in the annual figures, as industrial production rose a seasonally and calendar-adjusted 2.3% in January, contrasting the 3.5% contraction observed in December. As a result of the faster growth seen in January, the trend now points upwards, with annual average growth in industrial production rising from 2.5% in December to 2.6% in January.
FocusEconomics Consensus Forecast participants expect industrial production to expand 4.8% in 2013, which is unchanged from last month's forecast. Next year, the panel anticipates industrial output to increase 6.0%.