Turkey’s calendar and seasonally adjusted industrial production grew 4.5 percent in 2015 over a year ago, government data showed on Monday.
The figure followed a 3.5 percent year-on-year increase in industrial production in November. On a month-on-month basis, calendar and seasonally adjusted industrial production was up 0.8 percent in December, the Turkish Statistics Institute (TurkStat) said on Monday. This figure was also down 0.9 percent in November over a month ago, the worst monthly performance in four years. The monthly increase in December was still below a median market estimate of 1.2 percent. Despite such structural problems as high inflation and falling exports, Turkey’s industrial output has been rising since February 2015.
December saw manufacturing output grow by 4.4 percent compared to a year ago while the utility sector gained by 7.7 percent. Mining and quarrying production suffered a decline of 2.1 percent in the same period.
Industrial output is one of the leading indicators for gross domestic product (GDP) growth. Last month, the government raised its 2015 growth forecast to 4 percent from the previously 3 percent.