Turkey’s calendar adjusted industrial output increase eases to 0.7% y/y in November

By bne IntelliNews January 8, 2015

On a calendar adjusted basis, Turkey’s industrial production rose 0.7% y/y in November versus the market consensus forecast of 2.4% y/y after increasing 2.4% y/y in the previous month. The calendar & seasonally adjusted industrial output was down 0.1% m/m (market consensus: 1.4% m/m increase), the statistics office TUIK said on January 8.

We calculated from TUIK data that the unadjusted industrial production index fell 1.2% y/y in November that compared unfavourably with the 4.5% y/y increase in the previous month. The market had expected a 0.5% y/y increase.

On a calendar adjusted basis, intermediate goods industry’s output contracted 3% y/y after rising 0.9% y/y in October while durable consumer goods fell 0.6% y/y in November versus a 4.5% y/y increase, TUIK also said. Energy production that increased 2.5% y/y in October rose another 5% y/y in the month. Manufacturing output contracted 0.2% y/y in November after rising 2.1% y/y in October.

Recall that the PMI eased from November's nine-month high of 52.2 to 51.4 in December, indicating the slowest overall growth since September. Given the PMI survey, industrial production will probably turn out to be weaker in December.

Industrial Production by main Industrial Groups (October)    
(%) Calendar Adjusted Seasonally & Calendar Adjusted
  (y/y) (m/m)
Total Industry 0.7 -0.1
Intermediate Goods -3.0 -0.8
Durable Consumer Goods -0.6 -2.0
Non-durable Consumer Goods 5.0 1.6
Energy 5.0 0.8
Capital Goods -0.4 -1.5
Source: tuik

Related Articles

Erdogan says he plans talks with lenders on cutting Turkish interest rates

Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more

Turkey's Erdogan turns fire on US ambassador in diplomatic spat over arrest

Turkish President Recep Tayyip Erdogan has turned his fire on the US ambassador to Turkey for the ... more

Turkey-based Eurasian development bank ETDB signs memo to boost return to Iran

The Central Bank of Iran (CBI) and the Turkey-based ECO Trade and Development Bank (ETDB) have signed a memorandum on strengthening bilateral ties, the CBI said on October 10. ETDB is a Eurasian ... more

Dismiss