Turkey's industrial production rises in June

Turkey's industrial production advanced 3.4 percent in June 2017 compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced on Tuesday.

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

On an annual basis, the manufacturing index saw the biggest rise in June, up 3.8 percent, among all three main sub-indices, TurkStat said.

In the same period, the electricity, gas, steam, and air-conditioning supply index also increased by 2.5 percent while the mining and quarrying index decreased by 0.5 percent.

Meanwhile, the country's industrial production declined by 0.4 percent in June on a monthly basis, TurkStat noted.

In June, the mining and quarrying index rose by 1.2 percent while the electricity, gas, steam and air-conditioning supply and the manufacturing indices fell by 0.6 percent and 0.5 percent, respectively.

According to a survey conducted by Anadolu Agency's Finance Desk on Friday, the median estimate for annual industrial production in 2017 stands at 3.1 percent.