Industry in Turkey
Turkey - Industry
Industrial output growth picks up pace in November
Industrial production grew a calendar-adjusted 5.1% year-on-year in November, up from October’s revised 3.9% expansion (previously reported: +3.8% year-on-year). The print marked the strongest growth in output in 16 months; however, the figure came in notably below market expectations of a 6.2% increase. November’s print was buttressed by a surge in mining and quarrying output and strong manufacturing production growth. In fact, mining and quarrying output grew at a near two-year high. On the other hand, November’s print also benefited from a supportive base effect as industrial output fell at a marked pace in the same month a year prior.
Sequential data also improved as industrial output returned to growth on a monthly basis in November; output expanded 0.7% month-on-month and swung from a 0.9% contraction in the prior month. Yet the monthly data highlights the fragility of the Turkish recovery: Industrial production is expected to have lost momentum in the fourth quarter compared to the third. Nonetheless, annual average output fell a softer 2.1% in November compared to October’s 3.1% contraction.
Looking ahead, industrial production is expected to recover this year partly owing to a supportive base effect and to an improving macroeconomic environment. However, the balance of risks remains tilted to the downside, particularly as the government continues its fiscal expansion—potentially prioritizing economic growth over bringing down inflation—and monetary policy space is limited after a strong easing cycle last year.
FocusEconomics Consensus Forecast panelists expect industrial production to grow 3.2% in 2020 and to increase 3.3% in 2021.
Turkey - Industry Data
|Industrial Production (annual variation in %)||7.2||5.7||5.8||3.4||9.0|
5 years of economic forecasts for more than 30 economic indicators.
Turkey Industry Chart
Source: Statistical Institute.
|Bond Yield||12.00||-0.09 %||Dec 31|
|Exchange Rate||5.95||-0.85 %||Jan 01|
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January 23, 2020
Consumer sentiment was unchanged in Turkey at the start of the new year, as the index remained at 58.8 in January.
January 16, 2020
At its 16 January Monetary Policy Committee (MPC), Turkey’s Central Bank slashed its one-week repo rate again, this time by 75 basis points to 11.25%.
January 14, 2020
Industrial production grew a calendar-adjusted 5.1% year-on-year in November, up from October’s revised 3.9% expansion (previously reported: +3.8% year-on-year).
January 13, 2020
The current account balance of Turkey swung from a USD 1.0 billion surplus in November 2018 to a USD 0.5 billion deficit in November (October: USD +1.6 billion), which marked the first result in the red in five months.
January 3, 2020
Consumer prices in Turkey rose 0.74% month-on-month in December, notably above the 0.38% monthly price increase recorded in November.