Industrial production rose slightly

ANKARA

Türkiye’s industrial production rose 0.4 percent in September compared with the same month of 2021, the Turkish Statistical Institute (TÜİK) said on Nov. 11.

In the manufacturing sector, production rose by 1.7 percent on an annual basis, but the mining and quarry industry saw a 16.5 percent decline in output.

Intermediate goods production declined 5.1 percent year-on-year and 1.6 percent from August.

The annual increase in the durable consumer goods manufacturing sector’s output was only 0.3 percent, but non-durable consumer goods production grew 7.3 percent from September 2021.

The energy sector production fell 1.4 percent on an annual basis and declined by 1.4 percent month-on-month, according to data from TÜİK.

The country’s industrial production shrank 1.6 percent in September compared with the previous month.

The activity in the key industry sector appears to have been losing some momentum. In April, industrial output grew nearly 11 percent on an annual basis and in the following month production rose by 9 percent.

The pace of annual growth in the country’s industrial production slowed to 8.8 percent in June, and further down to 2.5 percent in July. In August this year, industrial output grew 1.1 percent from a year earlier.

Meanwhile, rating agency Moody’s revised upwards its GDP growth forecast for the Turkish economy for 2023 from a previous 4.5 percent to 5.3 percent.

It expects the Turkish economy to expand 2 percent next year and growth rate to accelerate to 3 percent in 2024