Turkey: Industrial production up in July
September 11, 2012
In July, industrial production expanded 3.4% over the same month last year. The reading was up from the revised 3.0% rise recorded in June (previously reported: +2.7% year-on-year) and overshot market expectations, which had anticipated that industrial output would increase 2.0%. The acceleration over the previous month was entirely driven by faster growth in the all-important manufacturing sector, as mining and quarrying as well as electricity, gas and steam deteriorated over the previous month. A month-on-month comparison corroborates the improvement reflected in the annual figures, as industrial production rose a seasonally and calendar-adjusted 1.7% in July, contrasting the 1.6% drop observed in June. Despite the faster growth in July, the trend continues to point downwards, with annual average growth in industrial production falling from 5.1% in June to 4.8%.