TURKEY

Turkey’s industrial production up 14.5 percent in July

TURKEY’S INDUSTRIAL PRODUCTION UP 14.5 PERCENT IN JULY

Turkey's industrial production increased by 14.5 percent in July 2017 compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced on Friday.

On an annual basis, the manufacturing index saw the biggest rise in July, up 16 percent, among all three main sub-indices, TurkStat said.

The electricity, gas, steam and air-conditioning supply index advanced by 11.7 percent while the mining and quarrying index slightly increased 0.8 percent in the same period.

Meanwhile, on a monthly basis, the country's industrial production also increased by 2.3 percent in July, TurkStat noted.

In July, the electricity, gas, steam and air-conditioning supply and the manufacturing indices rose by 4.8 percent and 2.2 percent, respectively. The mining and quarrying index fell by 2.6 percent in the month.

According to a survey conducted by Anadolu Agency's Finance Desk on Thursday, the median estimate for annual industrial production rise in July 2017 stood at 16.1 percent.

Turkey's industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth.

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