Turkey: Industrial production surges in December
February 8, 2011
In December, industrial production soared 16.9% over the same month the year before. The figure beat market analyst expectations of an 11.0% rise and represented a marked acceleration from the 9.4% increase tallied in November. The acceleration over the previous month reflected an improvement in manufacturing, which added 18.9% in December (November: +10.1% year-on-year), and in electricity, gas, steam and water supply (November: +4.6% yoy; December: +7.9% yoy). In contrast, mining and quarrying deteriorated over November, adding a paltry 1.8% (November: +7.6% yoy). A month-on-month comparison corroborates the pick-up suggested by annual figures, as industrial production skyrocketed 5.7% over the previous month in seasonally and calendar adjusted terms, after decreasing 1.0% in November. In the full year, industrial output recovered from the 9.9% contraction experienced in 2009 and posted a 13.1% expansion in 2010.