Turkey Industry

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Turkey: Industrial production records first contraction since December 2012

March 9, 2015

In January, industrial production contracted a calendar-adjusted 2.2% over the same month last year, which notably contrasted the 2.5% increase tallied in December and marked the first decrease since December 2012. In addition, the print contrasted the 1.6% expansion that market analysts had expected and marked the lowest result in 64 months. According to the statistical institute, January’s reading reflected a contraction in mining and quarrying as well as in manufacturing. On the other hand, electricity, gas and steam recorded an expansion over the same month of the previous year.

A month-on-month comparison corroborates the deterioration suggested by the annual figures as industrial production fell 1.4% in seasonally- and calendar-adjusted terms. The reading contrasted the 0.7% increase tallied in December. Annual average growth in industrial output fell from December’s 3.6% to 2.8% in January, thus marking an over one-year low.

FocusEconomics Consensus Forecast participants expect industrial production to rise 4.0% in 2015, which is unchanged from last month’s estimate. The panel sees industrial output increasing 4.6% in 2016.


Author: Angela Bouzanis, Senior Economist

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Turkey Industry January 2015 2

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.


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