Turkey: Industrial production slows down
February 8, 2012
In December, industrial production expanded 3.7% over the same month the year before. The reading was well below the 8.5% rise tallied in November (previously reported: +8.4% year-on-year), but overshot market expectations of a 2.8% increase. The deceleration over the previous month mainly reflected slower growth in the manufacturing sector. A month-on-month comparison, however, does not corroborate the slowdown reflected in the annual figures, as industrial production expanded a seasonally and calendar-adjusted 2.7% in December, which contrasted the 2.2% contraction observed in November. For the full year 2011, industrial production expanded 8.9%, which was down from the 13.1% increase recorded in 2010. The government expects the economy to have expanded 7.5% in 2011 and anticipates growth to moderate to 4.0% this year.