Industrial production in Turkey expanded more than expected in January, official The data showed on Friday, a guarantee of a return to growth After two months of decline because of a global economic slowdown.
The industrial production index grew by 4.5%. year-over-year in January, the Turkish Statistical Institute (TurkStat) said.
Month-over-month, production expanded 1.9% on calendar and seasonal adjusted Data showed.
Industrial activity rebounded back strongly after the initial wave of covid-19 in April 2020 and expansion for more of two years in a row.
but annual growth significantly slowed down since the summer, with demand declining due to the widest global Slower.
Although the month of January is booming, earthquakes destroy it hit south of the country in February is likely to affect later growth.
February 6 earthquakes and strong aftershocks killed more from 47,000 people And destroyed or severely damaged over 230,000 buildings, hundreds left of thousands of people Homeless, making it the worst disaster in Modern Turkish history.
In a Reuters poll, output was expected to expand 2.45%. year-over-year in January. estimates in reconnaissance of six Institutions ranged from 1.90% to 3.50%.
In November, the index shrank 1.3%. year-over-yearand for the first time since 2020, and another 0.2% in December.
January data showed a decline in the mining and quarrying index by 7.6%, and the manufacturing index increased by 5.8%, while the prices of electricity, gas, steam, and air The Air Conditioning Supply Index decreased by 5.7%.
On a monthly basis, the mining and quarrying index jumped 4.4%, the manufacturing index rose 2.1%, and the electricity, gas, steam, and air The Air Conditioning Supply Index rose 1.4%.
the government Prepare to descend up spending for post-earthquake recoverywhich can raise industrial production as well as consumer spending, two key pointers of economic growth.
the region rich in Textile production and agriculture representing accounts for 16% of total employment and about 11% of Industrial production according to the Istanbul Chamber report of Industry (ISO).
Disaster forced millions To leave the southeast 11 provinces that were home for about 14 million people.
Estimated damage caused by the disaster over $100 billion, according to the United Nations Development Program.
The World Bank estimated that the earthquakes were caused Damage worth more more than 34 billion dollars, with recovery Probably double This amount.
President Recep Tayyip Erdogan vowed speed campaign He said that the affected areas will be rebuilt within the limits of a year.
the government he have already Low interest rates have been prioritized to boost exports, production, investment and innovation new functions as part of a new economic program. He called the Turkish economy model a name program It aims to reduce inflation by chronic flipping of the country current account deficit into surplus.
center of the country bank last month reduced policy rate by 50 basis points 8.5% to support growth After the earthquake saying borrow the cheapest cost will reinforce recovery efforts.
This raised the overall facilitation trend to 550 basis points Since August last year.
Center bank Justify the reductions by saying financial Terms must remain supportive of maintaining industrial production growth. I was martyred need for more Stimulus in the face of earthquakes when thrown latest Cuts.