Turkey: Industrial production decelerates in April
June 8, 2012
In April, industrial production expanded 1.8% over the same month last year. The reading was down from the 2.6% rise recorded in March but exceeded market expectations, which had anticipated that industrial output would remain flat. The deceleration over the previous month was caused by a deterioration in mining and quarrying as well as in electricity, gas and steam production. Growth in the important manufacturing sector, on the other hand, remained stable over the previous month. A month-on-month comparison does not corroborates the slowdown reflected in the annual figures, as industrial production grew a seasonally and calendar-adjusted 1.0% in April, up from the 0.8% increase observed in March. Nevertheless, the trend continues to point downwards, with annual average growth in industrial production falling from 6.3% in March to 5.7%.