Turkish Economy: September IP
Industrial Production increased by 0,6% MoM versus a market expectation of a 0,4% increase (seasonally and working day adjusted). When adjusted for working days the index rose by 10,4% YoY.
- Manufacturing tracks Turkey’s 5+% growth rate.
- Limited new information from today’s release since it’s already widely accepted that Turkish GDP growth may have hit double digits in third quarter.
- Future data flow more valuable regarding the momentum of economic activity going into next year.
- European leading indicators point that production may further accelerate in the fourth quarter.
- European prospects look promising for Turkish manufacturing industries (Figure 1).