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|
|Durable Consumer Goods||1.7||1.2|
|Non-durable Consumer Goods||2.2||-1.2|
Turkey’s treasury has completed technical work to issue “gold bonds and gold-based lease certificates” by the end of the year in an attempt at luring tonnes of “under mattress” ... more
Turkey is not at all considering the closure of its military base in Qatar despite the demand for its immediate termination ... more
Tensions between Turkey’s main opposition leader Kemal Kilicdaroglu and President Recep Tayyip Erdogan escalated on June 20 with Kilicdaroglu accusing the president of influencing the judiciary. ... ... more