Industrial production declines in November

ANKARA

Industrial production declined by 1.3 percent in November 2022 compared with the same month of 2021, data from the Turkish Statistical Institute (TÜİK) have shown.

The country’s industrial output rose 3.2 percent in October last year.

In the manufacturing sector, production fell by 0.4 percent on an annual basis, but the mining and quarry industry saw an 8.6 percent decline in its output.

Intermediate goods production was down 8.6 percent year-on-year and dropped by 1.3 percent from October 2022.

The annual increase in the durable consumer goods manufacturing sector’s output was 4.1 percent, but non-durable consumer goods production inched up only 0.3 percent from November 2021.

The energy sector production fell 6.5 percent on an annual basis and declined by 2.5 percent month-on-month, TÜİK said.

The country’s industrial production shrank 1.6 percent in November compared with the previous month, which followed the 2.8 percent monthly increase in October last year.

Despite the apparent slowdown in manufacturing activity, the latest PMI data offers some optimism.

The headline Purchasing Managers’ Index (PMI) rose from 45.7 in November to 48.1 in December 2022, according to a survey conducted jointly by the Istanbul Chamber of Industry (ISO) and S&P Global.

Although still signaling a moderation in business conditions over the month, the latest reading was the highest since June and signaled a modest softening in the health of the manufacturing sector, the survey said.

Any figure greater than 50.0 indicates an overall improvement in the sector.

December saw softer moderations in output and new orders, while employment increased at the fastest pace since February 2022.