Turkish industrial production rises below expectations in November

Turkish industrial production rose below expectations in November. According to the Turkish Statistical Institute, the industrial production grew 5.1 percent year-on-year in the month, a rise from 3.8 percent. Consensus expectations were for the industrial production to have risen 6.2 percent.

Looking at the subsectors, the mining and quarrying index recorded a year-on-year rise of 7.2 percent, whereas the manufacturing counterpart saw a rise of 5.3 percent. On the other hand, electricity, gas, steam and air conditioning supply index dropped 1.2 percent year-on-year. Durable consumer goods fell 13.1 percent year-on-year. Meanwhile, non-durable consumer goods and capital goods saw a rise of 5.2 percent and 7.5 percent, respectively.

On a sequential basis, the industrial production rose 0.7 percent in November. Looking at the subsectors, the mining and quarrying index fell 3.1 percent month-on-month, while electricity, gas, steam and air conditioning supply index fell 2.2 percent. The durable consumer goods fell 1 percent sequentially.

On the other hand, the manufacturing index rose 1.1 percent month-on-month, while the intermediate goods index rose 0.5 percent. The non-durable consumer goods index and the capital goods index rose 0.6 percent and 2.4 percent, respectively.