Industrial output rises 7.4 percent in July: TÜİK
ANKARA
Industrial production increased by 7.4 percent in July from a year ago, after rising at a paltry 0.2 percent in the previous two months, the official data showed on Sept. 11.
Manufacturing output also expanded 7.4 percent year-on-year, while the annual increase in the capital goods sector’s production was 25.6 percent, said the Turkish Statistical Institute (TÜİK).
Intermediate goods production grew 3.2 percent from July 2022. The 16 percent rise in the durable goods sector was noticeable.
In the energy sector, production increased by 0.9 percent in July from the same month of last year.
TÜİK said industrial production fell 0.4 percent month-on-month in July, after rising 1.2 percent and 1.4 percent on a monthly basis in June and May.
The growth of the Turkish manufacturing sector moderated in August as firms faced challenges in securing new business, a survey conducted jointly by the Istanbul Chamber of Industry (ISO) and S&P Global showed earlier this month.
The headline PMI in August stood at 49, from 49.9 in July, below the 50 no-change mark for the second month running.
Meanwhile, interest rates on commercial loans climbed above the interest rates local banks charge on housing and car loans as of Sept. 1, reaching 38 percent.
The interest rates on personal loans, car loans and housing loans were 53 percent, 36.7 percent, and 35.7 percent, respectively.
The interest rates on loans have been rising after the Central Bank started to hike its policy rate. Since June, the bank delivered a total of 1,650 bps hike in the one-week repo auction rate to 25 percent.
The Central Bank’s Monetary Policy Committee will meet again on Sept. 21 to decide about its policy rate.
