The calendar adjusted industrial production index posted an increase of 4.2% y/y in March after rising 4.6% y/y in the previous month, the statistics institute TUIK said on Wednesday.

We calculated that, in unadjusted terms, industrial output grew 4.15% y/y, beating the market consensus forecast of a 3.4% increase. The output growth, on an unadjusted basis, slowed from February’s 4.6% y/y.

On a calendar & seasonally adjusted basis, industrial production fell for a second consecutive month, TUIK data showed. The calendar & seasonally adjusted production declined 0.4% % m/m in March.

On a calendar-adjusted basis, intermediate goods production rose 4.2% y/y in March, after increasing 6.2% y/y in the previous month while the rate of output growth in the durable consumer goods industry eased to 3.7% y/y from 5.2% y/y. Production in the capital goods manufacturing sector increased 3.4% y/y, comparing favourably with the 2.2% y/y increase in the previous month. Energy output that increased 5.8% y/y in February rose 4.4% in March. The output growth in the manufacturing industry quickened to 4.3% y/y from 4.1% y/y.

The manufacturing PMI fell for the second month to 51.1 in April, from 51.7 in March, pointing to loss of momentum in activity. PMI survey also showed that output and new orders both rose only marginally during the month but new export business increased at the strongest rate in over three years.