Turkey: Industrial production records largest expansion in over two years in December
February 10, 2014
In December, industrial production expanded a calendar-adjusted 7.1% over the same month of the previous year, which followed the 4.7% rise tallied in November. The expansion, which exceeded the 4.6% increase that markets had expected, marked the largest rise since October 2011. According to the statistical institute, December's expansion reflects robust expansion in manufacturing output as well as in electricity, gas and steam. In addition, the mining and quarrying sector rebounded strongly in December.
Despite the improvement suggested by the annual figures, a month-on-month comparison shows that industrial production was flat over the previous month in seasonally and calendar-adjusted terms, which was below the 2.9% increase tallied in November. In the full year 2013, industrial production expanded 3.4%, which overshot the 2.5% increase tallied in 2012.
FocusEconomics Consensus Forecast participants expect industrial production to expand 3.2% in 2014, which is down 0.5 percentage points from last month's forecast. Next year, the panel expects industrial output to increase 4.8%.