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.