Turkish industrial production falls further in October

Turkish industrial production falls further in October. On a year-on-year basis, industrial production fell 5.7 percent, as compared with the fall of 2.7 percent seen in the prior month. Consensus expectations were for the fall of 2 percent.

Delving into details, mining and quarrying index saw a rise of 6.1 percent year-on-year. Meanwhile, manufacturing index saw a decline of 6.5 percent on a year-on-year basis, whereas electricity, gas, steam and air conditioning supply index fell 1.2 percent in the month.

Durable consumer goods saw a rise of 3 percent year-on-year. On the other hand, non-durable consumer goods, intermediate goods, energy and capital goods indices declined 3 percent, 9.5 percent, 0.1 percent and 6.7 percent, respectively.

On a sequential basis, the Turkish headline industrial production index fell 1.9 percent in October. Mining and quarrying index dropped 1.3 percent, whereas manufacturing index and electricity, gas, steam and air conditioning supply index dropped 2 percent and 1.2 percent, respectively. The indices for non-durable consumer goods, intermediate goods, energy and durable consumer goods also dropped sequentially in October. Capital goods index recorded a rise in the months.