Turkey: Industrial production remains buoyant in January
March 8, 2011
In January, industrial production expanded a faster-than-expected 18.9% over the same month last year, even faster than the 16.7% rise tallied in December. The expansion was surprisingly strong, given a high comparison base, as activity grew 12.8% annually in January 2010. Industrial output had plunged an accumulated 22.0% between March 2008 and January 2009, but since then bounced back an accumulated 35.1%, leaving the pre-crisis peak far behind. A month-on-month comparison points to a less vigorous expansion than suggested by annual figures, as industrial production expanded a seasonally and calendar adjusted 0.5% in January, after jumping 5.5% in December. Owing to the resilience seen in over the last 12 months, the trend continues to point upwards, with annual average growth in industrial production stepping up from 13.1% in December to 13.6% in January.