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
Iran's Araghchi arrives in Turkey for talks on US military build-up as Ankara looks to act as mediator
Iranian Foreign Minister Abbas Araghchi arrived in Istanbul on January 30 for meetings with Turkish officials to discuss regional issues amid what he described as serious challenges posed by US ... more
TPAO and ExxonMobil sign deal for offshore exploration
The Turkish Petroleum Corp. (TPAO) has formalised a strategic partnership with Esso Exploration International, a subsidiary of ExxonMobil, marking a significant escalation in Türkiye’s ambitions ... more
Turkish LPG carrier set on fire during Russian drone attack
A Turkish LPG carrier docked at the port of Izmail, Ukraine, was hit by a Russian drone during an attack, sparking a fire on the vessel, which has now been extinguished. According to the Maritime ... more