Turkish industrial output up in March

Turkish industrial output up in March

ANKARA - Anadolu Agency
Turkish industrial output up in March

DHA Photo

Industrial production in Turkey increased 4.7 percent in March, compared with the same month last year, the Turkish Statistical Institute (TÜİK) said in a statement on May 8.

Total output increased 2.2 percent from the previous month, the statement said. The new figure was the strongest industrial output figure since October of last year.

 “The new data suggesting a robust growth performance amid recent interest rate, growth and inflation debates raises the probability of growth performance that will also exceed forecasts,” said Adnan Çekçen, a financial analyst at Destek Securities in Istanbul.

Production had risen 1 percent in February year-on-year, reversing a 2.2 percent drop in January. The Mining and Quarrying Index increased 3.8 percent and the Manufacturing Index increased 5 percent. The Electricity, Gas, Steam and Air Conditioning Supply Index also increased 3 percent in March 2015, compared with the same month last year.

Industrial output figures are very important since they are deemed as a guide to growth data, Çekçen said, adding they can be useful to the Central Bank as a guide in making interest rate decisions. However, he warned, “We should see the actual growth figures since industrial output figures are just a preliminary gauge.”