Turkey’s calendar adjusted industrial production rose 7.1% y/y in December 2013, the statistics institute TUIK said on Monday. Industrial production increased 3.4% in 2013 versus 2.5% in the previous year.
In unadjusted terms, industrial output increased 6.9% y/y which is higher than the market consensus of a 4.8% y/y increase. On the calendar & seasonally adjusted basis, industrial production did not change from December to November.
On a calendar-adjusted basis, output in the intermediate goods industry rose 6.9% y/y in December up from 5.3% y/y in November while the rate of output growth in durable goods sector accelerated to 11.3% y/y from 1.7% y/y. Energy output was up 5.1% y/y versus 1.7% y/y increase in November. Manufacturing sector output rose 7.4% y/y in December, up from the 5.7% y/y rise in the previous month.
Capital goods production, which increased 9% y/y in November, rose 10.4% y/y in December while mining output increased 3.7% y/y after production declined in the previous seven months.
The seasonally adjusted HSBC Turkey Manufacturing PMI fell slightly from 53.5 in December to 52.7 in January, the slowest expansion since August. TUIK’s industrial production data suggest a relatively stronger GDP growth in the final quarter of 2013. The average output growth in industrial production was 3.7% y/y in Q3 but increased to 4.2% y/y in Q4.
| Industrial Production by main Industrial Groups (December) | |||
| (%) | Unadjusted | Calendar Adjusted | Seasonally & Calendar Adjusted |
| (y/y) | (y/y) | (m/m) | |
| Total Industry | 6.9 | 7.1 | 0.0 |
| Intermediate Goods | 6.7 | 6.9 | -2.1 |
| Durable Consumer Goods | 11.2 | 11.3 | 0.3 |
| Non-durable Consumer Goods | 5.1 | 5.2 | 1.5 |
| Energy | 5.0 | 5.1 | 2.7 |
| Capital Goods | 10.3 | 10.4 | 0.1 |
| Source: tuik |
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