Industrial contraction series continues

Turkish industrial production

Turkish Statistical Institute (TUIK) published the industrial production index for November. The data show that the contraction in industry continues.

Industrial production contracted by 1.4 percent in November compared to the previous month.

On an annual basis, industrial production increased by 0.2 percent.

Industrial production had contracted by 0.3 percent in the previous month. With November, the monthly contraction series in industrial production rose to the 5th month.

This was the longest monthly contraction in industrial production since 2018. In 2018, a five-month contraction series was also observed.

Analyzing the sub-sectors of industry, in November 2023, mining and quarrying index increased by 3.5 percent, manufacturing industry index increased by 0.1 percent and electricity, gas, steam and air conditioning production and distribution index increased by 4.5 percent compared to the same month of the previous year.

On an annual basis, mining and quarrying index decreased by 4.5 percent, manufacturing industry index decreased by 1.3 percent and electricity, gas, steam and air conditioning production and distribution index decreased by 1 percent in November compared to the previous month.

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