Turkey: Industrial production hits nine-month high in February
April 8, 2013
In February, industrial production expanded a calendar adjusted 4.4% over the same month last year, which represents the highest reading tallied since May 2012. The reading followed the 2.0% rise recorded in January and surprised the market on the upside, as analysts had anticipated that industrial output would increase only 3.2%. The monthly improvement mainly reflects healthy growth in manufacturing output as well as a softer decline in mining and quarrying. On the other hand, the electricity, gas, steam and air conditioned supply sector deteriorated sharply.
A month-on-month comparison corroborates the improvement suggested by the annual figures, as industrial production rose a seasonally and calendar-adjusted 1.5% in February, which came in on top of the robust 2.4% increase observed in January. As a result of the strong annual reading, the trend continues to point upwards, with annual average growth in industrial production rising from 2.5% in January to 2.7% in February.
FocusEconomics Consensus Forecast participants expect industrial production to expand 4.8% in 2013, which is unchanged from last month's forecast. Next year, the panel anticipates industrial output to increase 6.0%.