Industrial production up 4.6 percent in October

Industrial production up 4.6 percent in October

ANKARA – Anadolu Agency
Industrial production up 4.6 percent in October

AFP photo

Industrial production - a measure of output in the manufacturing, utilities and mining sectors - rose 4.6 percent in October from the same month in 2014, and rose 0.1 percent in October from September, the report said.      
Industrial production jumped 2.8 percent in September, year-on-year.

The increase in October was driven by an increase in capital goods production, which rose 11 percent year-on-year.

“German factory orders rose by 1.8 percent in October, and many Turkish exporters produce intermediary goods for German manufacturing,” commented Bora Tamer Yılmaz, an economist with Ziraat Securities in Istanbul. “This helps drive up production in Turkey,” he added.

The Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in November from 49.5 in the previous month. Any reading above 50 indicates expansion, while a score below 50 suggests contraction.

Domestic demand was also on the rise in Turkey, Markit said in a note on Dec. 1, and so orders were up for local producers as well.

There was also good performance in the manufacturing sector, up 5 percent, and a 4.1 percent advance in the electricity, gas, steam and air conditioning supply sectors, TÜİK said.

Among subsectors, only the mining and quarrying sectors contributed negatively to the reading, slipping by 0.5 percent, according to the report.