The calendar adjusted industrial production index rose 0.7% y/y in October, the statistics institute TUIK said on Monday.

Industrial output (calculated on seasonally & calendar adjusted basis) however, contracted 3.1% m/m.

In unadjusted terms, industrial production fell 0.5% y/y after rising 6.4% y/y in September. There were fewer working days in October due to a religious holiday that affected industrial production. PMI, which declined to 53.3 in October from September’s 54.0, had already signalled moderation in production activity.

On a calendar-adjusted basis, the output growth in the intermediate goods industry slowed to 0.5% y/y in October from 6.7% y/y in September. Durable goods production growth also eased to 5.6% y/y from 7.1% y/y. Energy production contracted for the fifth consecutive month in October. The output decline in the energy sector was 0.8% y/y in the month. The capital goods production, which had increased 15.3% y/y in September, rose 5.2% y/y in October. Mining output fell 7.4% y/y that followed an 4.3% y/y contraction in the previous month.

The manufacturing industry’s output growth slowed to 0.9% y/y in October from 8% y/y in September. In unadjusted term, manufacturing production was down 0.5% y/y.

PMI climbed to a 32-month high of 55 in November as output growth accelerated. Turkish manufacturing firms reported a sharp increase in production in November as new order growth accelerated at the quickest pace in over two-and-a-half years. Companies reported stronger demand from both domestic and foreign markets.