AT 4-YEAR LOW
to 5.1 percent in February. The graph also shows the change in production from January to February of this year compared to the unadjusted index of fourteen months until February. In six of these fourteen months, production declined compared to the previous year. Especially in the last five months, it was always below the previous year.
The monthly change does not mean much so we also looked at the longer term figures. TurkStat takes the 2015-based new series of industrial production data back to 2006. We have examined the data of the period since 2007. The first thing we look at is how the industrial production in the total of two months changed compared to the previous year. Production in the first two months of 2019 was below 6.2 percent than 2018 production. 2007-2019 is a full 13-year period. Two-month total of industrial production declined in 2019 compared to the previous year and in 2009. The rate of production decline in the first two months of 2009 is 22.8 percent and is much higher than this year, but there is no other year in which decline was seen. 2009 was the year of the global crisis, but what about this year? Is there a global crisis in the world, or is it happening because of facts specific to Turkey?