Turkey: Industrial production healthy in November
January 8, 2014
In November, industrial production expanded a calendar-adjusted 4.7% over the same month of the previous year, which followed the 0.7% rise tallied in October. The reading, which exceeded the 4.1% increase that markets had expected, reflects robust expansion in manufacturing output as well as in electricity, gas and steam. Conversely, the mining and quarrying sector contracted at a faster pace in November.
A month-on-month comparison corroborates the improvement suggested by the annual figures; industrial production rose a seasonally and calendar-adjusted 2.9% in November, contrasting the 3.0% decline observed in October. As a result, annual average growth in industrial output inched up from 2.5% in October to 2.6% in November.
FocusEconomics Consensus Forecast participants expect industrial production to expand 4.2% in 2014, which is unchanged from last month's forecast. Next year, the panel expects industrial output to increase 5.3%.