TURKEY
MNI (London)
TURKEY OCT INDUSTRIAL PRODUCTION +2.4% M/M (FCST -0.7%); SEP -1.6% M/M
TURKEY OCT INDUSTRIAL PRODUCTION +2.5% Y/Y (FCST -0.2%); SEP +0.5%r Y/Y
- Turkish industrial production rebounded in October, expanding by +2.4% m/m and outpacing forecasts of a -0.7% m/m contraction. This was a swift recovery from the -1.6% m/m fall in September, with production increasing by +2.5% y/y.
- Manufacturing production remained expansive, up +2.5% m/m and +3.7% y/y, whilst mining and electricity/gas categories recorded contractions on the year.
- The October boost is likely to have been short-lived, as the Turkey manufacturing PMI has signalled contraction since March and weakened further in November. Export demand had slowed to a 2.5-year low.
- Turkey faces a difficult economic backdrop headed into the Winter months, as the country grapples with soaring inflation (over 80%), whilst demand from key trading partners has weakened substantially on the back of recessionary fears.
Source: TURKSTAT
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