Turkey: Industrial production soars to 22-month high in September
November 8, 2013
In September, industrial production expanded a calendar-adjusted 6.4% over the same month last year, marking the strongest increase since November 2011. The reading contrasted the 0.1% decline tallied in the previous month and far exceeded the 2.1% increase that markets had expected. The expansion reflects a hefty rise in manufacturing output as well as a rebound in electricity, gas and steam. The mining and quarrying sector contracted in September, albeit at a slower pace.
A month-on-month comparison corroborates the improvement suggested by the annual figures; industrial production soared a seasonally and calendar-adjusted 5.8% in September - the highest print since January 2007 - contrasting the 3.6% decline observed in August. As a result, annual average growth in industrial output rose from 2.3% in August to 2.5% in September.
FocusEconomics Consensus Forecast participants expect industrial production to expand 3.8% in 2013, which is unchanged from last month's forecast. Next year, the panel expects that industrial output will increase 4.5%, which is down 0.1 percentage points over the previous month's estimate.