Exports keep Turkish industry firm in February: Official data

ISTANBUL

DAILY NEWS Photo

Turkish industrial production remained firm in February despite losing pace thanks to a strong export performance that outstripped stagnation in domestic market.  

According to figures announced by the Turkish Statistical Institute (TÜİK) on April 8, calendar-adjusted industrial production rose by 4.9 percent in February compared to the same month last year.

The growth rate indicates a remarkable dwindling from the previous month’s momentum of 7.3 percent, but was still above the expectations of analysts, who forecast the output rise at around 4 percent.

The reason industrial production has remained strong amid the slowdown in domestic consumption is firm export figures, said Garanti Investment Chief Economist Gizem Öztok Altınsaç.

“The figures are positive for growth and show that first-quarter growth has been [aided] by exports. The possibility of seeing a better-than-expected growth rose according to that,” she said in a statement.

According to TÜİK data, Turkey’s exports in February surged by 6.2 percent to $13.15 billion, keeping the foreign trade deficit narrower.