Turkey’s industrial production rose sharply in December

Turkey’s industrial production rose sharply in December

ANKARA - Anadolu Agency
Turkey’s industrial production rose sharply in December

Turkey’s calendar-adjusted industrial production rose 8.7 percent in December 2017, compared to the same month last year, the Turkish Statistical Institute (TÜİK) announced on Feb. 8. 

Industrial output is considered a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth. 

Among three main sub-indexes, the mining and quarrying index rose the most, by 14 percent. 

The annual increase in the manufacturing index was 8.9 percent, while the electricity, gas, steam and air conditioning supply index was up 5.7 percent. 

The term “calendar-adjusted” is used to refer to data without calendar and holiday-originated effects. 

The seasonal- and calendar-adjusted production level was also up compared with the same figure for December 2017.

“Industrial production increased by 0.9 percent compared with the previous month,” TÜİK said. 

Among the sub-sectors, only the electricity, gas, steam and air conditioning supply sector contributed negatively to the monthly reading, slipping 1.1 percent, according to data. 

On a monthly basis, the mining and quarrying index rose 2.6 percent while the manufacturing index climbed 1.2 percent in December. 

TÜİK also said calendar-adjusted industrial production rose 7.8 percent in the fourth quarter of last year over the same period in 2016. 

In a survey by state-run Anadolu Agency’s Finance Desk on Feb. 6, a group of 11 economists projected the calendar-adjusted industrial production index would rise 6.4 percent year-on-year. 

On an annual basis, industrial production in Turkey saw the biggest rise in July, up 14.5 percent. 

In Turkish manufacturing activity, the Purchasing Managers’ Index (PMI) for Turkey’s manufacturing sector hit a seven-year high of 55.7 in January amid strong demand and accelerated output growth, according to a Feb. 1 report by the London-based global data company IHS Markit co-prepared with the Istanbul Chamber of Industry. 

In December, Turkey’s exports rose to $13.87 billion, up 8.6 percent from the same month of the previous year, TÜİK said on Jan. 31.

Turkey, industrial production, tüik, manufacturing