Industrial production increased by 8.5 percent in October: TÜİK

ANKARA

The calendar-adjusted industrial production rose 8.5 percent in October on an annual basis, the Turkish Statistical Institute (TÜİK) said in a monthly release on Dec. 13.

“When the subsectors of the industry [based on 2015=100] were examined, mining and quarrying index increased by 9.2 percent, manufacturing index increased by 9.2 percent and electricity, gas, steam and air conditioning supply index increased by 3.5 percent in October 2021, compared with same month of previous year,” TÜİK said.

TÜİK data showed that the country’s industrial production also increased by 0.8 percent on a monthly basis.

Turkish factory activity stayed in the positive territory for the sixth month in a row, but a sharp increase in costs pushed output price rises to their fastest pace on record.

The Purchasing Managers’ Index (PMI) for manufacturing rose to 52 in November from 51.2 in October, data from the Istanbul Chamber of Industry (İSO) and IHS Markit showed, staying above the 50.0 mark that denotes growth.

While new export orders continued to grow, price rises and shortages of electronics components affecting the automotive sector pushed back total new business for the second month in a row, the panel said.

The latest weakness in the Turkish Lira pushed input costs up further and in turn firms raised selling prices at the steepest pace since the survey began 16.5 years ago, it added.