Factory activity in Turkey expanded more than expected in February, data showed Tuesday, rising for 20 consecutive months in continuous explosion of Economic activity since the lifting of Corona virus measures.
viewed as a primary indicator of economic growthThe country’s industrial production index expanded by 13.3%. year-on-year in February, the Turkish Statistical Institute (Turkstat) said.
All sub-indices supported the index this month, especially mining and quarrying with Manufacturing, data showed.
The manufacturing, mining and quarrying indexes rose 14.4% and 6.1%. year on year in February, respectively.
display indicator for Electricity, gas, steam and air was conditioning also up by 4.9% in the month.
Month-on-Month, industrial output expanded 4.4% in February on calendar and seasonal adjusted Turkish Statistical Institute said.
Reuters poll last For the week, industrial production was expected to expand by 9.2%, with Forecasts range from 4.8% to 11.4%.
year-on-year growth It has remained positive since the easing of the Corona virus measures in 2020.
On a monthly basis, the index shrank by 2.4%. in January due to electricity and natural gas outages in industrial facilities caused by technical failure in Iran.
Economists expect pace of growth in Industrial production index to slow down in The coming months and approaching a neutral level around the summer.
Prospect drop in external demand Or disruption in the supply chain because of Russia invasion of Ukraine can also The impact of industrial production after February.
in April of 2020, production decreased more more than 30% in The face of The initial wave of the Corona virus. since then made strong recovery Because subsequent measures largely avoided the manufacturing sector, most of the remaining restrictions were lifted in July of last year.
Turkey’s GDP expands by 11% last yearthat it highest rate in A decade, like economy recoil back from falling of outbreak.
However, inflation rose amid the volatility in Exchange rates and consumption of Turkish lira, resulting in higher consumer prices via imports.
Annual consumer inflation in Turkey jumped to 61.14% in March, feed it rising Energy and commodity prices and the implications of The conflict between Russia and Ukraine.
Inflation as well as the repercussions of Russia invasion of Ukraine, poses risk for The growth in 2022.
