Turkey: Industrial production slows in May
July 8, 2013
In May, industrial production expanded a calendar adjusted 1.0% over the same month last year. The reading came in below both the 3.5% rise seen in the previous month (previously reported: +3.4% year-on-year) and market expectations that had industrial output increasing 3.0%. Moreover, the print marks the slowest pace in five months. The monthly print reflects a deterioration in all the main sub-components that comprise the index, with mining and quarrying contracting in May and manufacturing output recording the slowest expansion since December 2012.
A month-on-month comparison corroborates the deceleration suggested by the annual figures, as industrial production fell a seasonally and calendar-adjusted 0.6% in May, which contrasts the 1.4% increase observed in April. As a result of the weaker annual print, the trend continues to point downwards, with annual average growth in industrial production edging down from 2.4% in April to 2.0% in May.
FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2013, which is down 0.7 percentage points from last month's forecast. Next year, the panel anticipates industrial output to increase 5.3%.