Turkish March adjusted industrial turnover index up 3.4% m/m

By bne IntelliNews May 13, 2015

The seasonally & calendar-adjusted industrial turnover index rose 3.4% m/m in March after posting a revised 3.8% m/m increase in the previous month, the statistics institute TUIK said on May 13.

Turnover in the intermediate goods sector rose 2.6% m/m in March after rising 5.4% m/m in the previous month while turnover in the durable goods manufacturing industry rose 2.8% m/m following a 2.1% m/m rise in February. Turnover in the energy sector was up 7.4% m/m in March that followed a 10.7% m/m in the previous month. In the capital goods manufacturing industry turnover rose by a 3.6% m/m in March versus a 2.1% m/m decline in February.

TUIK also said that the headline calendar-adjusted turnover index rose 6% y/y in March after posting declines in the previous two months.

The Turkish economy grew by 2.6% y/y in Q4/2014, above the 1.9% y/y expansion in the previous quarter. But Turkey’s GDP growth slowed to 2.9% last year from 4.2% in 2013. The government forecasts a 4% economic growth this year but analysts think this is a rather optimistic growth target.

On a calendar-adjusted basis, Turkey’s industrial production rose 4.7% y/y in March (market forecast: 0.9% y/y), after increasing 0.9% y/y in the previous month, data from TUIK showed on May 8. The latest PMI survey showed that the Turkish manufacturing sector remained in a downturn in April. The PMI rose from March’s 71-month low of 48.0 to 48.5, but the latest figure was still the joint-second lowest since April 2009.

Industrial Turnover Index (y/y, calendar-adjusted)              
(%) Dec-13 Apr Jun Jul Aug Sep Oct Nov Dec Jan Feb March
Total Industry 17.1 17.3 13.3 11.4 10.3 7.1 9.1 4.2 8.6 -5.5 -0.6 6.0
Intermediate Goods 20.9 19.1 15.0 11.1 10.5 7.8 8.5 3.1 1.7 -11.3 -5.4 3.0
Durable Consumer Goods 5.0 4.5 2.6 3.5 0.6 7.7 7.4 2.3 4.1 -6.7 -1.4 -1.8
Energy 9.2 5.0 -1.9 5.2 -4.0 -2.7 -4.1 -6.3 -24.8 -34.2 -27.3 -17.3
Capital Goods 19.4 21.1 13.1 12.2 20.3 2.5 9.4 5.3 27.7 7.5 11.4 14.4
Manufacturing 17.6 17.6 13.5 11.7 10.3 7.4 9.3 4.4 9.0 -4.9 -0.2 6.6
Source: TUIK                        

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