Turkey’s industrial output rose sharply in July, data shows
Turkey’s industrial output rose 5.6 percent in July compared to the same month last year, the country’s statistics agency announced on Sept. 17.
The increase in industrial production was higher than estimates, according to a Reuters poll, which was at 1.85 percent, and a poll by state-run Anadolu Agency at 2.7 percent.
Among the three main sub-indices, the mining and quarrying index saw the highest annual rise in the month, with 8.5 percent, the Turkish Statistical Institute (TÜİK) said.
The manufacturing index climbed 5.6 percent, while the electricity, gas, steam, and air conditioning supply index gained 3 percent during the same period.
On a monthly basis, the figure also surged by 3.5 percent in July compared to June. This was the highest increase on a monthly basis since October 2016.
Among all sub-sectors of the seasonal and calendar-adjusted industrial sector, mining and quarrying was the only sub-sector to see a decrease month-on-month in July falling by 1.9 percent.
The manufacturing index and the electricity, gas, steam and air conditioning supply index rose by 3.9 percent and 2.2 percent, respectively, in this period.
The term “calendar-adjusted” is used to refer to data without calendar and holiday-originated effects.
The index is estimated to slow in the following month due to a 10-day public holiday for the Feast of Sacrifice and a sharp decline in the Turkish Lira’s value against the United States dollar.