Manufacturing index rises 1% year-on-year in June, while rest of main sub-indices post decrease
Turkey’s industrial output in June rose 0.1% from the same month last year, the country’s statistical authority said Friday.
Among the three main sub-indices, the manufacturing index was the sole index posting an annual increase in the month, with 1%, TurkStat said in a statement.
The mining and quarrying index slipped 8%, while the electricity, gas, steam, and air conditioning supply index fell 6.4% during the same period.
Industrial production is considered a vital indicator for the economy, as it is seen as a preliminary gauge for GDP growth.
On a monthly basis, the figure jumped 17.6% in June, driven by improvements in all main sub-indices, TurkStat data showed.
Commenting on the data, Treasury and Finance Minister Berat Albayrak said Turkey ranked first in Europe with the monthly rise in its economic figures.
“Strong growth seen in leading economic indicators will disappoint pessimistic growth expectations,” Albayrak said on Twitter.
Fueled by post-pandemic normalization measures in June, Turkey’s manufacturing index showed the best performance, rising 19.0% from the previous month.
The mining and quarrying, and electricity, gas, steam,and air conditioning supply indices increased 7.8% and 6.7%, respectively, in June.