Industrial production rises 1.1 percent in January

ANKARA

Industrial production increased by 1.1 percent in January from a year ago, according to the numbers of the Turkish Statistical Institute (TÜİK).

Mining and quarrying production rose by 4.9 percent, while the annual increase in the electricity, gas, steam and air conditioning supply was 8.4 percent, TÜİK said on March 12.

In manufacturing, production was up 0.4 percent compared to January last year, but on a monthly basis, the sector’s output shrank 0.6 percent.

The PMI survey released earlier this month boosted hopes for the manufacturing sector.

Turkish manufacturing production returned to growth in February, rising at a solid pace amid signs of stabilization of customer demand.

The headline manufacturing PMI moved back above the 50 no-change mark in February, posting 50.2 from 49.2 in January.

The reading, therefore, signaled the first improvement in business conditions for eight months.

The numbers of TÜİK yesterday showed that the intermediate goods manufacturing sector’s output fell 0.6 percent from January 2023, while durable consumer goods production increased 4.8 percent year-on-year and 1.5 percent monthly.

In the non-durable consumer goods industry, production decreased 0.3 percent annually, but its monthly output rose 1.6 percent.

Energy production showed a 7 percent year-on-year increase, but the monthly increase was slower at 4 percent.

Türkiye’s capital goods production rose 4.2 percent in the first month of 2024.

On a monthly basis, overall industrial production was unchanged in January from December, when the output rose 2.8 percent from the previous month.