Turkish industrial output slips in November
ANKARA – Anadolu Agency
This was a larger decline than what the market had predicted.
According to a survey conducted by Anadolu Agency’s Finance Desk, a group of 11 economists projected the calendar-adjusted industrial production index to fall 3.1 percent year-on-year.
Among three main sub-indexes, the manufacturing index posted the worst performance in November, down 7.1 percent year-on-year.
The electricity, gas, steam, and air conditioning supply index fell 1.8 percent, while the mining and quarrying index went down 1.1 percent during the same period.
The term “calendar-adjusted” is used to refer to data without calendar and holiday-originating effects.
Among the sub-sectors of the seasonally and calendar-adjusted industrial sector, the mining and quarrying index fell the most monthly.
The manufacturing index dropped a slight 0.1 percent month-on-month in November, while the electricity, gas, steam, and air conditioning supply index remained unchanged.
In its New Economic Program, announced in September last year, the government forecast that the Turkish economy would grow 3.8 percent in 2018, but the expansion rate would ease to 2.3 percent in 2019.
On a seasonally and calendar-adjusted basis the country’s GDP contracted by 1.1 percent in the third quarter compared with the previous quarter.
The World Bank’s 2021 prediction for Turkey stands at 4.2 percent.