Industrial production up 10.4 pct in September

TURKEY’S industrial production rose by 10.4 percent in September, compared with the same month last year, according to data released yesterday by Turkish Statistical Institute (TurkStat).

In September, the annual increase in electricity, gas, steam and air conditioning supply index was 13 percent, while the manufacturing index and mining and quarrying index were up 10.4 and 4.6 percent, respectively.

Among all sections and main industrial groupings, the highest increase year-on-year was seen in durable consumer goods index with a 36.5 percent hike, according to official data.

On a monthly basis, the country’s industrial output was up 0.6 percent in September, compared with August, TurkStat noted.

Durable consumer goods index surged 6.6 percent from August to September, followed by mining and quarrying with a 5.7 percent monthly rise.

TurkStat also stated that the manufacturing index increased by 0.2 percent and the electricity, gas, steam and air conditioning supply index rose by 1.6 percent in September, compared with August.

Meanwhile, Turkey’s industrial production increased by 1.9 percent in the third quarter of this year, compared with the April-June period, while the third quarter’s annual increase was 10 percent.

According to the institute, the purpose of calculating monthly industrial production index is to measure the evolution of economy and the positive and negative effects of economical political decisions in short term.

Upon the higher-than expected data, economists foresee a higher growth in the third quarter. The base-effect of the third quarter, the sectoral incentives and the sweeping external demand will support a very strong growth performance in the third quarter.

Analysts predict that Turkish economy might register a growth rate of 6 to 7 percent in the third quarter.