Turkey: Industrial production expands at fastest pace in 10 months
November 8, 2012
In September, industrial production expanded 6.2% over the same month last year. The reading contrasted the revised 1.8% contraction recorded in August (previously reported: -1.5% year-on-year) and widely exceeded market expectations, which had anticipated that industrial output would increase 2.0%. The figure marks, in fact, the fastest growth rate seen in 10 months. The monthly expansion was mainly driven by a robust expansion in the all-important manufacturing sector. A month-on-month comparison corroborates the improvement reflected in the annual figures, as industrial production grew a seasonally and calendar-adjusted 3.9% in September, contrasting the 2.0% drop observed in August. Despite faster growth in September, the trend continues to point downwards, with annual average growth in industrial production falling from 4.4% in August to 3.9%.