Turkey: Industrial production rebounds to expansion
April 8, 2015
In February, industrial production expanded a calendar-adjusted 1.0% over the same month last year, which notably contrasted the 2.1% decrease tallied in January (previously reported: -2.2% year-on-year). January’s fall had marked the first decrease since December 2012. In addition, the print contrasted the 0.3% contraction that market analysts had expected. According to the statistical institute, February’s reading reflected an expansion in manufacturing, as well as in electricity, gas and steam. On the other hand, mining and quarrying recorded a contraction over the same month last year, however at a more moderate pace than in January.
A month-on-month comparison corroborates the improvement suggested by the annual figures as industrial production rose 1.7% in seasonally- and calendar-adjusted terms. The reading contrasted the 1.2% decrease tallied in January (previously reported: -1.4% month-on-month). Annual average growth in industrial output fell from January’s 2.8% to 2.5% in February, thus marking a year-and-a-half low.