Business

Turkish industrial output expands nearly 9% as activity gains pace

Turkey’s industrial production has expanded for a 15th consecutive month in September, official data showed Friday, as economic activity gained pace after coronavirus measures were lifted.

The calendar-adjusted industrial output jumped 8.9% on annual basis in September, the Turkish Statistical Institute (TurkStat) said.

Output plummeted more than 31% in April 2020 as many factories temporarily halted operations in the initial coronavirus wave. After a strong economic rebound in the second half of 2020, new virus-related curfews were adopted earlier this year but did not affect production.

Month-on-month, the production narrowed 1.5%, the data showed.

The mining and quarrying index rose 7.9%, while the manufacturing index jumped 9.7% in September compared with the same month last year.

The electricity, gas, steam, and air conditioning supply index was also up 1%.

Meanwhile, in the third quarter,the calendar-adjusted industrial production climbed 10.8% compared to the same quarter last year.

The median estimate in a Reuters poll of eight institutions showed year-on-year growth of 10% in September.

Turkey imposed curfews, weekend lockdowns and restaurant closures, including a tougher but brief lockdown in April and May due to surging COVID-19 cases, but manufacturing and the broader economy were largely unaffected. All measures were lifted in July.

Turkey’s economy leaped 21.7% year-on-year in the second quarter, official data showed,rebounding powerfully after a sharp slowdown a year earlier driven by COVID-19 restrictions.

Analysts expect Turkey’s economy to expand around 10% this year, and President Recep Tayyip Erdoğan said last week that he believes double-digit growth will be achieved.

Source
dailysabah

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