Turkey: Industrial output beats expectations
September 9, 2011
In July, industrial production expanded 6.9% over the same month last year. The reading was broadly unchanged from the 6.8% rise tallied in June but overshot market expectations, which saw output expanding a softer 4.0%. A month-on-month comparison points to an even stronger improvement than suggested by annual figures, as industrial production rose a seasonally and calendar-adjusted 2.8% in July, which contrasted the 0.8% drop in June. Despite the improvement, the trend points downwards, with annual average growth in industrial production inching down from 10.9% in June to 10.8% in July.