Turkey: Industrial production remains robust in November
January 10, 2011
In November, industrial production added 9.1% over the same month last year. The figure was down from the 9.9% rise registered in October but, nevertheless, surpassed market expectations, which had anticipated industrial output to increase 8.3%. The deceleration over the previous month was the result of a slower growth in manufacturing, which added 9.7% in November (October:+ 11.3% year-on-year), and electricity, gas, steam and water supply (November: +4.7% yoy; October: +7.5% yoy). On the other hand, mining and quarrying improved significantly over October, adding 8.2% (October: -11.5% yoy). A month-on-month comparison corroborates the deceleration suggested by the annual figures, as industrial production contracted 1.2% over the previous month in seasonally and calendar adjusted terms, after expanding 3.1% in October. Nevertheless, the trend continues to point upwards, with the annual average growth rate of industrial production rising to 13.6% in November from 12.5% in October.