IPANEWS

Turkey’s industrial production reduced by 7,3 percent

Turkish Statistical Institute (TUIK) released the Industrial Production Index data for January 2019. The Index data shows the largest contraction recorded in the manufacturing industry with ‘medium-low technology.’

The report’s figures show that the industrial production increased 1 percent on a monthly basis but shrank 7.3 percent on an annual basis.

The forecast for the industrial production was 0.3 percent on a monthly basis and 8 percent contraction on an annual basis. The manufacturing industry index fell 7.5 percent.

Turkish daily Dunya Newspaper reported, based on sub-sectors of industry analysis  (2015 = 100 reference year), in January 2019, that the mining and quarrying sector index fell  7 percent year-on-year, the manufacturing industry sector index reduced 7.5 percent and electricity, gas, steam, and air conditioning production and distribution sector index decreased by 1.7 percent since the same month last year.

According to TUIK data, some industrial sectors performed positively. Mining and quarrying sector index in January 2019 recorded 1.7 percent increase compared to the previous month, manufacturing industry index rose 1.1 percent and electricity, gas, steam, and air conditioning production and distribution sectors index increased by 0.1 percent on month-to-month.

High technology production fell in the first month of this year.

Low-tech production fell 4.5 percent, mid-low-tech production fell 13.5 percent, mid-high-tech production fell 6.5 percent in January this year, while high-tech production remained unchanged on an annual basis. On a monthly basis, the only decreasing item listed was high-tech production.

Low-earning workers reduce their purchasing power by 3.3 percent as the Turkish economy is still in doldrums

You might also like