ISTANBUL
Calendar adjusted industrial production index in October 2013 increased by 0.7% compared with the same month last year. Seasonally and calendar adjusted industrial production decreased by 3.1% compared with September 2013.
Turkish Statistical Institute, TurkStat, announced the October 2013 monthly industrial production index results.
According to a new report for the seasonally and calendar adjusted industrial production in the mining and quarrying sectors index, there is a decrease of 2.1% and in the manufacturing index shows a decrease of 3.7%. Electricity, gas, steam and air conditioning supply index increased by 0.5% in October 2013, compared with September 2013.
In the sub-sectors of the industry, while mining and quarrying index decreased by 7.4%, manufacturing index increased by 0.9% and electricity, gas, steam and air conditioning supply index rose by 3.7% in October 2013, compared with same month last year.
“When we take published industrial production data along with other indicators, we can assert that the effect of turmoil experienced in the financial market related to economic activity is very limited,” Burgan Investment Chief Economist Haluk Burumcekci said.
Concluding that the increase of 2.8% in industrial production in the last 9 months period indicated that it entered into the final quarter at a slower level, Burumcekci asserted that due to the Eid holidays, the rates October don’t reflect the actual trends well. He said that the November-December data will be more decisive.
Inanc Ozer, research manager at Odeabank, said that on a calendar adjusted basis, industrial production increased only by 0.7% (YoY) in October, below market consensus of 3.8% and slightly lower than their estimate of 1.7%.
“Despite a significant slowdown in October, we expect a moderate recovery in the rest of the year. Hence, 2013 GDP growth rate may be around 4.0%, above Government’s target of 3.6%.”
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