Turkey’s calendar adjusted industrial output growth eases to 4.9% y/y in Feb.

By bne IntelliNews April 8, 2014

The calendar adjusted industrial production index rose 4.9% y/y in February after rising 7.1% y/y in January, data of the statistics institute showed on Tuesday.

In unadjusted terms, industrial output, which grew 7.1% y/y in January, rose by 4.9% y/y in the second month of the year, beating the market consensus forecast of a 3.5% increase. Unadjusted manufacturing output increased 4.4% y/y in February after rising 7.4% y/y in January.

On a calendar & seasonally adjusted basis, industrial production declined 0.1% m/m versus the 1% m/m rise in the previous month.

On a calendar-adjusted basis, manufacturing output rose 4.4% y/y, the increase in intermediate goods production eased to 6.1% y/y in February from 9.4% y/y in the previous month while durable consumer goods output, which rose 2.8% y/y in January, recorded a 5.2% y/y expansion. Energy production increased 5.5% y/y in February after rising 3.3% y/y in January. Capital goods manufacturing output expansion slowed to 2.1% y/y from 6.4% y/y, TUIK data also showed.

Apparently exports supported industrial production in February. Turkey’s exports rose by 6.2% y/y to USD 13.15bn (market forecast: USD 12.47bn) in February, according to data of the statistics institute TUIK.  Exports increased another 4.3% y/y to USD 13bn in March, the Turkish Exporters’ Assembly (TIM) said earlier this month. PMI data showed that manufacturing activity moderated in March. The headline HSBC Turkey Manufacturing PMI fell to 51.7 in March from 53.4 in February. March PMI was the lowest since August but it was still above its long-run trend level of 51.0. Also note that the manufacturing capacity utilisation rate (CUR) declined for a third consecutive month in March. The CUR fell to 73.1%, the lowest figure recorded since 72.7% in March 2013, from 73.3% in February.

Industrial Production by main Industrial Groups (December)

 

 

(%)

Calendar Adjusted

Seasonally & Calendar Adjusted

 

(y/y)

(m/m)

Total Industry

4.9

-0.1

Intermediate Goods

6.1

-0.9

Durable Consumer Goods

5.2

3.3

Non-durable Consumer Goods

4.5

1.2

Energy

5.5

0.4

Capital Goods

2.1

1.6

Source: tuik

 

 

 

Related Articles

Shares in Turkey's Halkbank slump 14% after banker's US arrest

Shares in state-owned Halkbank, Turkey’s sixth largest lender by assets, plunged on March 29 on the news that ... more

Turkey ends Syria military campaign day before US secretary of state's visit

The Turkish military has successfully concluded its campaign in northern Syria, PM Binali Yildirim said on March 29, one day before US Secretary of State Rex Tillerson was scheduled to visit Ankara. ... ... more

Turkey's Erdogan renews call for substantial interest rate cut

Turkish President Recep Tayyip Erdogan on March 29 reiterated his discontent with the present level of interest rates, calling on banks to lower their lending costs. “I am against the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss