Turkish industrial production rises above estimates

ANKARA

Cihan Photo

Turkish industrial production numbers have beaten expectations after an increase of 5.6 percent in January compared with the same month last year, data from the Turkish Statistics Institute (TÜİK) showed on March 8.Seasonally and calendar adjusted industrial production increased by 1 percent year-on-year in January, according to the data.In the manufacturing sub-sectors, the largest increase in the seasonally and calendar adjusted segment was in the manufacture of other transport equipment by 67.5 percent, followed by the manufacture of basic pharmaceutical products and pharmaceutical preparations by 36.8 percent and the repair and installation of machinery and equipment by 11.8 percent in January, compared with the previous month.Noting the data has been positive on the onset of the year, Oyak Investment Chief Economist Mehmet Besimoğlu said, as quoted by Reuters: “If this increasing trend continues, more positive growth estimated can be developed. In our current estimates, the GDP growth will be around 3 percent this year.”In seasonally and calendar adjusted manufacturing, the highest decrease was seen in the manufacturing of computer, electronic and optical products, followed by the manufacturing of tobacco products and the manufacture of motor vehicles, trailers and semi-trailers, according to the data.