Industrial production growth gains momentum

Industrial production growth gains momentum

Industrial production growth gains momentum

The pace of annual growth of industrial production increased from 0.5 percent in September to 2.5 percent in October, data from the Turkish Statistical Institute (TÜİK) have shown.

In the manufacturing sector, output growth strengthened from 1.7 percent to 3.7 percent, while intermediate goods production, which fell 5 percent in September, declined again by 5 percent year-on-year in October.

The annual increase in the durable consumer goods manufacturing sector picked up from 0.4 percent from 5.5 percent, but non-durable consumer goods production grew 2.9 percent year-on-year, easing from the previous month’s 7.1 percent.

The energy sector’s production contracted 3.6 percent in October from a year earlier, after falling 1.4 percent in September.

The year-on-year production growth in the capital goods sector leaped from 7.2 percent in September to 26.6 percent.

The mining and quarrying industry’s output was down 7.4 percent, which came on top of the 16.5 percent contraction in the sector’s production in the previous month.

On a seasonally and calendar-adjusted basis, Türkiye’s industrial production increased by 2.4 percent in October from September, when output contracted 1.6 percent month-on-month.

Retail sales volume

TÜİK also reported on Dec. 13 that the retail sales volume index climbed 9.5 percent in October compared with the same month of 2021.

Food, beverages and tobacco product sales increased by 10.8 percent on an annual basis, while non-food retail sales exhibited a yearly rise of 11.8 percent and automotive fuel sales were up 1.1 percent.

Electronic goods and furniture sales rose by 11.4 percent and computer, books and telecommunications equipment sales increased by 30.5 percent year-on-year.

Retail sales via mail and the internet grew 26.5 percent, while overall retail sales increased by 1.4 percent in October from September.

Separate data from TÜİK showed that the combined turnover in the construction, industry, trade and services sectors exhibited an annual increase of 124.8 percent in October, after rising 135 percent in the previous month.

In the industry sector, the annual increase in turnover was 121 percent, while it was 114 percent in construction.

In the trade and services sectors, turnover grew by 126 percent and 155 percent, respectively.

The combined revenues of those four industries increased by 3.9 percent in October from September.