Industrial Production Exceeded Expectations
Industrial production exceeded expectations. Industrial production was increased by 11 percent in November.
Turkish Statistical Institute (TURKSTAT) announced the industrial production index for the month of November. According to the data announced, industrial production increased by 11 percent on an annual basis in November. Compared to the previous month, the index increased by 1.3 percent.
Analysts’ expectations were that industrial production would increase by 10 percent on an annual basis and 0.8 percent on a monthly basis.
As a result of the impact of the coronavirus outbreak conditions, the annual contraction in industrial production was 31.3 in April 2020, and recovery began after this period. Finally, the annual increase in industrial production was over 10 percent in October.
Looking at the sub-sectors of the industry, it was seen that the mining and quarrying sector index increased by 4.6 percent, the manufacturing industry sector index by 11.6 percent and the electricity, gas, steam and air conditioning production and distribution sector index increased by 7.5 percent in November compared to the same month of the previous year.
In November, while the annual increase in intermediate goods category was 13.1 percent, durable consumption goods rose 22.2 percent; In capital goods, increase was recorded as 12.4 percent.
PMI Data Showed Growth
Manufacturing PMI data for November showed growth in the industry and was recorded as 51.4. It was observed that operating conditions improved in only four of the 10 sectors monitored according to PMI data. Looking at the new orders, it was determined that two sectors, chemical, plastic and rubber, and food products, entered the growth zone.