Turkey: Industrial sector loses momentum during the end of first quarter
May 9, 2011
In March, industrial production expanded 10.4% over the same month last year, which came in below the 13.9% rise tallied in February. The reading, which undershot market expectations of an 11.3% increase, reflected a steadily expanding manufacturing sector. A month-on-month comparison confirms the deceleration suggested by annual figures, with industrial production declining a seasonally and calendar adjusted 0.3% in March, on top of a 1.7% drop in February. Owing to the recent slowdown, the trend now points downwards, with annual average growth in industrial production weakening from 13.4% in February to 12.5% in March.