Industrial output rises 2.1 percent in March

Industrial output rises 2.1 percent in March

Industrial output rises 2.1 percent in March

Turkey’s industrial production posted an increase of 2.1 percent month-on-month in March, according to data released May 14 by the Turkish Statistical Institute (TÜİK).

Among three main sub-indices, mining and quarrying rose 4.1 percent while manufacturing increased 2.2 percent, according to a TÜİK statement.

The third index - electricity, gas, steam and air conditioning supply - dropped by 0.6 percent during the same period.

Industrial production is considered a vital indicator for the economy, as it can be a preliminary gauge for growth in gross domestic development (GDP).

Finance and Treasury Minister Berat Albayrak welcomed the March reading.

“The positive trend in industrial production is continuing,” Albayrak wrote on Twitter.

“We will especially make a great contribution to the balancing in our sector with the package we will announce with state banks,” he added.

In televised remarks he made on May 12, Albayrak said that Turkey had gone through tough times, yet, the end is coming closer step-by-step. The light at the end of the tunnel became brighter.”

Commenting on March industrial output data, Industry and Technology Minister Mustafa Varank noted that Turkey continues to stand behind business people through new projects.

“Rise in capital goods and intermediate goods, which contributes positive course, reflects real sector’s confidence in Turkish economy,” Varank said in a tweet.

Varank underlined that the ministry works with all its strength for added value production led-growth.

TÜİK data, however, showed that industrial production dropped to 2.2 percent in March, compared with the same month last year.

When the subsectors of the industry were examined annually, only the mining and quarrying index saw an increase, up 2.2 percent.

The manufacturing index fell by 2.6 percent, and electricity, gas, steam and air conditioning supply decreased 0.7 percent year-on-year in March.

According to a survey conducted by Anadolu Agency last week, the median estimate for annual industrial production in March was a decrease of 3.6 percent.

A group of 15 economists forecast the seasonally- and calendar-adjusted index to surge 1.6 percent on a monthly basis.