Turkey’s December calendar adjusted industrial output rise 2.6% y/y

By bne IntelliNews February 9, 2015

On a calendar-adjusted basis, Turkey’s industrial production rose 2.6% y/y in December after rising 0.7% y/y in the previous month, the statistics office TUIK said on February 9. The market had expected a 2.53% y/y increase. According to TUIK, the calendar & seasonally adjusted industrial output that fell 0.1% m/m in November increased by 1.2% m/m in December.

On a calendar adjusted basis, intermediate goods output rose 2.3% y/y in December versus a 3% y/y contraction, durable goods increased 1.7% y/y after falling 0.6% y/y while capital goods output that dropped 0.4% y/y in November rose 7% y/y. Manufacturing production increased 2.8% y/y after contracting 0.2% y/y. Mining was up 7% y/y while utilities industry’s output fell 0.1% y/y.

Based on data provided by TUIK, we calculated that the unadjusted production index was up 4.6% y/y in December, in line with the market consensus of 4.3% y/y (revised Reuters poll of economists). On an unadjusted basis, manufacturing output rose 5.1% y/y in December after falling 2.5% y/y in November. In the whole of 2014, monthly average industrial production (unadjusted) rose 3.6% compared to 2013 when industrial output had risen 3% y/y.

Recall that the headline HSBC Turkey Manufacturing PMI fell for the second month running to 49.8 in January, from 51.4 in December, signalling a stagnation in manufacturing activity. Output, new orders, exports and purchases of inputs all declined in January, although employment continued to rise sharply, said Markit that compiles survey data.

Industrial Production by main Industrial Groups (December)    
(%) Calendar Adjusted Seasonally & Calendar Adjusted
  (y/y) (m/m)
Total Industry 2.6 1.2
Intermediate Goods 2.3 2.0
Durable Consumer Goods 1.7 1.2
Non-durable Consumer Goods 2.2 -1.2
Energy -1.1 -2.7
Capital Goods 7.0 6.5
Source: tuik

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