Industrial Production Fluctuates Due to Holiday Effect

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Industrial production in October posted 3.1% decline mom, and 0.5% yoy, thus staying below the market consensus of 2.0%. Seasonally and calendar adjusted  production was up 0.7% also missed expectations of 3.4%. As the discrepancy arises out of the nationwide one-week lasting holiday, the data confirmed to question whether the economy maintains strong growth.

To get data explained in detail, the weakening mostly stemmed from a 7.4% decline in mining sector yoy and 0.9% decline in manufacturing. Considering the Main Industrial Groups categorization, the biggest decline in manufacturing area was durable consumer goods production while metal industry posted the fastest growth.

Turkey - Industrial Production Oct 2013

Because of the calendar effects, relevance with GDP is debatable. As a result, I am not giving coverage to forecasts.

Turkey 3Q GDP data will be released today at 8 am GMT.

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