Turkey Industry February 2015

Turkey

Turkey: Upward trend in industrial production remains intact in February

April 8, 2016

In February, industrial production expanded a calendar-adjusted 5.8% compared to the same month last year, which was above the revised 5.5% increase tallied in January (previously reported: +5.6% year-on-year). February’s result overshot the 4.5% increase that market analysts had expected and represented a six-month high. According to the statistical institute, the increase reflected an acceleration in manufacturing output as well as in mining and quarrying. Conversely, growth in electricity, gas and steam decelerated in February.

A month-on-month comparison does not corroborate the improvement suggested by the annual figures as industrial production rose 0.5% in seasonally- and calendar-adjusted terms in February, which was above the 1.0% increase in January. Annual average growth in industrial output rose from January’s 3.7% to 4.1% in February, which marked a 16-month high.

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.3% in 2016, which is unchanged from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.


Author: Ricard Torné, Lead Economist

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Turkey Industry February 2016 0

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.


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