Turkey’s industrial production rises in February year on year but down from January

ANKARA - Anadolu Agency

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Turkey’s calendar-adjusted industrial production rose one percent in February 2017 compared to the same month last year, the Turkish Statistical Institute (TÜİK) announced on April 10. 

However, industrial production was slightly less compared to the same figure for January 2017, falling by 0.4 percent.        

Among three main sub-indexes, the mining and quarrying index slipped by 13.6 percent year-on-year while the electricity, gas, steam and air conditioning supply index and the manufacturing index advanced by 9.4 percent and 0.7 percent respectively.
       
On a monthly basis, the mining and quarrying index rose by five percent while the manufacturing index decreased by 0.9 percent in February. The electricity, gas, steam and air conditioning supply index saw an increase of 0.6 percent in the same period.        

“When the seasonally and calendar-adjusted main industrial groupings (MIGs) were examined, the largest decrease was in capital goods by 4.6 percent in February 2017 compared with the previous month,” TÜİK added.        

Producers of durable consumer goods saw the largest increase - 5.1 percent month-on-month - in February among the MIGs.        

According to a survey conducted by Anadolu Agency’s Finance Desk on April 6, the median estimate for annual industrial production in 2017 stands at two percent.      

Turkey’s industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth.