Country Report Turkey January 2011

Economic performance: The economy remains lively in October and November

GDP growth may have slowed further in the fourth quarter, as the baseline effect became more marked, particularly for investment demand. However, initial data on the performance of industry suggest that the economy remained lively. In October industrial production increased by 9.8% year on year and by a calendar- and seasonally adjusted 3.1% month on month. In November capacity utilisation in manufacturing industry was 75.9%-about 6 percentage points above the year-earlier level and the highest since August 2008. Automotive production, although lower than in October, was up by 17% year on year, at 87,642 units. Credit growth remained strong, with domestic loans of deposit money banks (excluding non-interest "participation banks") reaching TL395.7bn as of November 26th-3.2% higher than on October 28th and 35.2% higher than at the end of 2009. The consumer confidence index reached its highest level of 2010 in November, although at 91.3 points it remained below the neutral level of 100 points.

Industrial production
(2005=100; % change year on year, unless otherwise indicated)
 2009   2010         
 Food & beverages-13.513.1-1.321.813.814.813.911.
 Metal industry-11.514.1-2.715.4-0.70.416.88.910.41.17.810.011.110.3
 Miscellaneous machinery-21.5-1.2-18.531.712.115.751.836.421.732.535.126.434.231.4
Total industrial production-9.66.2-3.023.912.817.521.316.915.010.08.810.810.29.8
 Intermediate goods-8.411.0-0.533.515.721.329.122.422.813.
 Durable consumer goods8.65.4-10.322.731.625.924.
 Non-durable consumer goods-8.48.5-
 Capital goods-21.2-5.9-5.321.438.134.835.926.720.725.210.322.719.025.6
Total industrial productiona0.
a Seasonally and calendar-adjusted, % change month on month.
Source: Turkstat.

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