According to the data released by the Turkish Statistical Institute (TUIK), in August this year Turkey's monthly industrial production index decreased by 1.5 percent year on year, while the seasonal and calendar adjusted industrial production index increased by 1.2 percent compared to the previous month. On the other hand, in Turkey the production index of the manufacturing industry in August decreased 2.6 percent compared to the same month of the previous year.
In August, the production index for the manufacture of basic metals in Turkey increased by 10.7 percent year on year and was down 5.2 percent from July, while the output index for the manufacture of fabricated metal products fell by 6.7 percent year on year and was down by 17.5 percent compared to the previous month.
Meanwhile, the Turkish government has revised down its 2012 growth forecast to 3.2 percent from 4.0 percent. Nevertheless, despite the TUIK's announcement of the first year-on-year decrease in industrial production index since November 2009, Turkey's deputy prime minister, Ali Babacan, said he remained hopeful, stating, "2013 will be much better than 2012."