ANKARA: Turkey’s industrial production advanced 3.4 percent in June 2017 compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced on Tuesday.
Turkey’s industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth. On an annual basis, the manufacturing index saw the biggest rise in June, up 3.8 percent, among all three main sub-indices, TurkStat said. In the same period, the electricity, gas, steam, and air-conditioning supply index also increased by 2.5 percent while the mining and quarrying index decreased by 0.5 percent. Meanwhile, the country’s industrial production declined by 0.4 percent in June on a monthly basis, TurkStat noted. In June, the mining and quarrying index rose by 1.2 percent while the electricity, gas, steam and air-conditioning supply and the manufacturing indices fell by 0.6 percent and 0.5 percent, respectively. According to a survey conducted by Anadolu Agency’s Finance Desk on Friday, the median estimate for annual industrial production in 2017 stands at 3.1 percent.