Turkey: Industrial production accelerates in April
June 10, 2013
In April, industrial production expanded a calendar adjusted 3.4% over the same month last year. The reading came in above both the 1.3% rise seen in the previous month (previously reported: +1.4% year-on-year) and market expectations that had industrial output increasing 2.4%. The monthly print mainly reflects stronger growth in manufacturing output as well as a rebound in both mining and quarrying as well as electricity, gas, steam and air conditioned supply. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as industrial production rose a seasonally and calendar-adjusted 1.3% in April, which contrasts the 0.9% decrease observed in March. Despite the stronger annual print, the trend continues to point downwards, with annual average growth in industrial production inching down from 2.5% in March to 2.4% in April. FocusEconomics Consensus Forecast participants expect industrial production to expand 4.3% in 2013, which is unchanged from last month's forecast. Next year, the panel anticipates industrial output to increase 5.6%.