Turkey: Industrial production surpasses pre-crisis peak in October
December 8, 2010
In October, industrial production increased 9.8% over the same month last year. The figure was down from the 10.2% expansion recorded in September but overshot market expectations, which had anticipated industrial output would decelerate to 6.1%. As a result of the resilient pace of recovery ? the Turkish industry expanded at an average rate of 13.3% in the first ten months of the year over the same period last year and thus for the first time surpassed the pre-crisis industrial output peak recorded in March 2008. The slight deceleration over the previous month was the result of a drop in mining and quarrying. Manufacturing improved marginally over September, while electricity, gas, steam and water supply expanded at a softer pace compared to the previous month. A month-on-month comparison corroborates the robust pace suggested by annual figures, as industrial production surged 3.1% over the previous month in seasonal and calendar adjusted terms, after having remained flat in September. Hence, the trend continues to point upwards, with annual average growth in industrial production stepping up from 12.1% in September to 12.5% in October.