Turkey Industry January 2020


Turkey: Industrial output growth decelerates in January

bet360备用网址March 13, 2020

Industrial output grew 7.9% year-on-year in January on a calendar-adjusted basis, down from the revised 9.0% expansion recorded in December (previously reported: +8.6% year-on-year). The print reflected softer albeit still-strong growth in manufacturing and mining output, while energy generation growth accelerated markedly to an eight-month high. January’s figure also benefited from a supportive base effect as output fell markedly in the same month a year prior in the aftermath of the currency crisis. Annual average output, meanwhile, swung from a 0.6% contraction in December to a 0.7% expansion in January.

However, production fell 0.2% over the prior month in January, contrasting the strong 1.9% expansion in December. This suggests that the sector started the quarter on somewhat softer footing and highlights the fragility of the economic recovery in the country.

bet360备用网址 This year, industrial production is expected to bounce back on a supportive base effect and an improving macroeconomic environment. However, the balance of risks is tilted to the downside amid uncertainty over the inflation outlook as the government pursues high growth rates fueled by cheap credit, while geopolitical and global trade tensions remain. Moreover, the outbreak of the coronavirus is expected to weigh on the external sector and thereby drag on the industrial sector, too.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 3.2% in 2020 and to increase 3.3% in 2021.

Author:, Economistbet360备用网址

Sample Report

Looking for forecasts related to Industry in Turkey? Download a sample report now.


Turkey Industry Chart

Turkey Industry January 20 20 0

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Turkish Statistical Institute (TurkStat) and FocusEconomics calculations.

Turkey Economic News

  • Turkey: Current account deficit widens in January, Central Bank updates its methodology

    March 11, 2020

    Turkey’s current account deficit widened notably from USD 0.3 billion in January 2019 to USD 1.8 billion in January of this year (December 2019: USD -2.2 billion; previously reported USD -2.8 billion), marking the second consecutive monthly shortfall.

    Read more

  • Turkey: Inflation rises further in February

    March 3, 2020

    Turkish consumer prices rose 0.35% month-on-month in February, down from January’s 1.35% increase and below market expectations of a 0.65% rise in prices.

    Read more

  • Turkey: Manufacturing PMI reaches two-year high in February

    March 2, 2020

    Operating conditions in the Turkish manufacturing sector improved at a stronger pace in February and for the second month running, with the Istanbul Chamber of Industry Turkey Manufacturing Purchasing Managers’ Index (PMI) rising to a two-year high of 52.4 from 51.3 in January. The improvement in February came on the back of robust growth in output and the strongest rise in new orders in two years as demand dynamics recovered, while employment increased for the second consecutive month in line with greater production requirements.

    Read more

  • Turkey: Economic growth reaches near two-year high in Q4

    February 28, 2020

    The Turkish economy ended last year on a notably stronger footing, with GDP growing 6.0% year-on-year in the fourth quarter of last year, a seven-quarter high and markedly above both the prior quarter’s 1.0% annual expansion, as well as market expectations of 5.0% growth.

    Read more

More news

Search form