Turkey’s November industrial production soars

State statistical office announced November industrial production growth at 11% yoy. The mining and quarrying index increased by 4.6%, manufacturing index increased by 11.6% and electricity, gas, steam and air conditioning supply index increased by 7.5% accounting as the sub-sectors.

On monthly basis, growth was 1.3% compared to October that had posted 1.2% increase.  On the same scale the sub-indices were +0.3% for mining and quarrying, +1.5% for manufacturing and -0.1% for electricity, gas, steam and air conditioning supply. 

October and November are the months that growth was strong following the government’s credit push that began early in the summer months and lasted until late November.  December staged further rate hikes and a second wave of the coronavirus, Hence growth is set to slow only starting from 1Q21.  The announced figures indicate 5-6% GDP growth is due for 4Q20 which will carry the 2020 GDP growth to 1.5-1.8%.