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.
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.