Industrial production in Turkey declined 5.7 percent in October

Industrial production in Turkey declined 5.7 percent in October

Industrial production in Turkey declined 5.7 percent in October

Turkey’s industrial output dropped by 5.7 percent year-on-year in October, the country’s statistical authority (TÜİK) said on Dec. 17.

Calendar adjusted industrial production index decreased to 116.3 in October, down from 123.2 in the same month last year, according to TÜİK.

In October, the mining and quarrying index rose by 6.1 percent on a yearly basis, while the manufacturing and the electricity, gas, steam and air conditioning supply indices were down 6.5 percent and 1.2 percent, respectively.

In the mining and quarrying sector, mining of metal ores index recorded the biggest rise with an 18.3-percent increase, while the other mining and quarrying sector index saw a decline with 2.2 percent.

On the manufacturing side, the other transport equipment saw an annual hike of 20.2 percent while the index of the manufacturing of wood and of products dropped by 20.4 percent, it was also the highest annual decrease among all sub-sectors.

In the country’s overall industrial output, the production of durable consumer goods rose by 3-percent year-on-year, while the production of all other products fell in October.

The annual declines were 4.8 percent in intermediate goods, 6.7 percent in capital goods, 3 percent in non-durable goods, and 0.1 percent in energy.

On a monthly basis, the country’s total industrial output also declined by 1.9 percent in October compared to September.

The seasonally and calendar adjusted industrial production index was 111 in October, as it was 113.2 in September.

According to TÜİK, the purpose of calculating monthly industrial production index is to measure the evolution of the economy and the positive and negative effects of economical political decisions in the short term.

Turkey’s economy grew by 1.6 percent year-on-year in the third quarter versus the revised expansion rates of 7.2 percent in the first and 5.3 percent in the second quarter of 2018.

In its New Economic Program announced on Sept. 20, the government forecast that the Turkish economy would grow 3.8 percent this year and it would expand at a slower rate of 2.3 in 2019.