Industrial production in Turkey improved by 0.7% month-on-month in March and 16.6% annually, the country’s official statistical department said on Tuesday.
According to data by the Turkish Statistical Institute, the index has been posting monthly increases since May 2020 and rising annually since June 2020, according to information by the Turkish Statistical Institute (TurkStat).
On a monthly basis and by sub-sectors, the mining and quarrying index was down by 1.7%, while the manufacturing and electricity-gas-steam-air-conditioning supply indices increased by 0.3% and 7.3%, respectively, in March.
Annually, all sub-sectors posted increases, electricity-gas-steam-air-conditioning supply by 11.9%, mining and quarrying by 14.8% and manufacturing by 17.2%.
According to an Anadolu Agency survey on Thursday, a group of eight economists’ expectation for Turkey’s calendar-adjusted industrial production index was for an increase of 13.8% annually — ranging between 9.85% and 17.7%.
The term “calendar-adjusted” is used to refer to data without calendar and holiday-originated effects.
In February, the adjusted industrial production indices on a monthly and annual basis were up 0.2% and 8.9%, respectively.
Mustafa Varank, the Turkish industry and technology minister, tweeted the industry proved that it is the locomotive of the Turkish economy by protecting its rising trend during the last 11 months in a row.
He also said that industrial production expanded by 12.3% in the first quarter of 2021 versus the same quarter last year, according to March figures.
With these results, Turkey became one of the countries with the highest increase in industrial production among the G-20 countries, the minister added.