In­dus­trial out­put up 9.9 pct in Fe­bru­ary

Daily Sabah (Turkey) - - Money -

TUR­KEY’S cal­en­dar-ad­justed in­dus­trial pro­duc­tion rose 9.9 per­cent in Fe­bru­ary com­pared to the same month last year, the Turk­ish Sta­tis­ti­cal In­sti­tute (TurkS­tat) an­nounced yes­ter­day. In­dus­trial out­put is con­sid­ered a vi­tal in­di­ca­tor for the econ­omy, as it is seen as a pre­lim­i­nary gauge for gross do­mes­tic prod­uct (GDP) growth. Among three main sub-in­dices, the min­ing and quar­ry­ing in­dex saw the high­est an­nual in­crease in Jan­uary, with 11.2 per­cent.

The man­u­fac­tur­ing in­dex rose 1.4 per­cent, while the elec­tric­ity, gas, steam, and air con­di­tion­ing sup­ply in­dex was up 3.3 per­cent dur­ing the same pe­riod.

The term “cal­en­dar-ad­justed” is used to re­fer to data with­out cal­en­dar and hol­i­day­o­rig­i­nated ef­fects.

The data showed that in­dus­trial pro­duc­tion dropped slightly 0.2 per­cent on a monthly ba­sis in Fe­bru­ary.

All sub­sec­tors of the sea­sonal and cal­en­dar-ad­justed in­dus­trial sec­tor slipped month-on-month in Fe­bru­ary.

The elec­tric­ity, gas, steam and air con­di­tion­ing sup­ply in­dex dropped the most with 1.1 per­cent from Jan­uary.

The min­ing and quar­ry­ing and man­u­fac­tur­ing in­dices fell slightly by 0.3 per­cent and 0.2 per­cent re­spec­tively.

Muam­mer Kömür­cüoğlu, an econ­o­mist at IS In­vest­ment, said in a client note that the strong trend in in­dus­trial pro­duc­tion con­tin­ued in Fe­bru­ary, de­spite a lim­ited loss in ac­cel­er­a­tion on a monthly ba­sis. Kömür­cüoğlu said in­dus­trial pro­duc­tion data in Jan­uary and Fe­bru­ary showed that the pace of growth in 2017 would con­tinue this year. “We think that a loss in the ac­cel­er­a­tion will be seen as of next month due to a re­verse in the pos­i­tive base ef­fect in in­dus­trial pro­duc­tion,” he said.

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