Industrial output expands at fastest pace in 2 years

TÜRKİYE’S industrial production expanded at its fastest pace in two years in February, with all subsectors posting increases, official data showed yesterday.

The output increased by 11.5% yearover-year, the data from the Turkish Statistical Institute (TurkStat) showed. The reading marked the strongest expansion since February 2022.

The institute said production rose by 3.2% on a seasonal and calendar-adjusted basis month-over-month, marking the highest growth since March last year.

The figure was up from 1.3% in January, according to the data.

The mining and quarrying subindex posted a yearly increase of 12.8%, the manufacturing index surged by 11.9%, and the electricity, gas, steam and air conditioning supply index increased by 7.7%.

The indices of mining and quarrying, manufacturing and electricity, gas, steam and air conditioning supply gained 3.2%, 3.8% and 0.3%, respectively, from a month earlier.

Vice President Cevdet Yılmaz said the latest data provide favorable signals for economic growth in the first quarter of 2024, indicating a more balanced outlook in the production-oriented composition of growth.

“We are determined to ensure a more balanced and sustainable growth by supporting production, investment, and exports while steadfastly combating inflation in the upcoming period,” Yılmaz wrote on social media platform X, formerly known as Twitter.

Industry and Technology Minister Mehmet Fatih Kacır echoed Yılmaz’s view and said the annual increase meant the industrial production index reached its highest level in the last two years.

“The fastest rise occurred in high technology production, which increased by 38.5% annually,” Kacır wrote on X.

Kacır stressed that the Turkish economy continues to grow on solid foundations.

“We are determined to grow our industry in line with the objectives of the ‘National Technology Move,’ focusing on value-added production and leading our country to prosperous tomorrows.”