Turkey’s industrial production rises over 7 pct in October
This has signaled a higher-than-expected economic growth for Turkey, according to officials.
On an annual basis, the manufacturing index saw the biggest rise in October, up 7.7 percent, among all three main sub-indices, according to TÜİK data.
The industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth.
In a written statement following the release of the data, Development Minister Lütfi Elvan said that the more-than-expected industrial data showed a strong continuance in economic activity, adding that the industrial production seemed to rise after a 10 percent growth in the third quarter.
“The boost in industrial production will make a positive impact on our exports in the upcoming period,” he said.
“All these developments have signaled a higher-than-expected economic growth in the third quarter, pushing up Turkey’s growth rate above what was targeted in the government’s economic program. It will not be surprising if Turkey’s economic growth surpasses 6 percent,” Elvan said.
In October, the electricity, gas, steam and air conditioning supply index increased by 7.3 percent while the mining and quarrying index rose by 0.5 percent.
On a monthly basis, the country’s industrial production increased by 0.7 percent in October, TÜİK also said.
In October, the manufacturing index increased by 1.3 percent while the mining and quarrying and the electricity, gas, steam and air conditioning supply indices declined by 2.2 percent and 1.9 percent, respectively.