Türkiye’s services sector sees strong annual growth in February
Turkish services sector showed robust growth in February 2024, according to the latest data from the Turkish Statistical Institute (TÜİK).
The services production index jumped 13.8% year-on-year, indicating a significant increase in activity compared to February 2023.
Several sub-sectors within services experienced notable gains. Transportation and storage led the pack with a 14.3% annual rise, followed by accommodation and food services (18.0%), information and communication (15.3%), and real estate (15.8%). Professional, scientific and technical services also saw a healthy increase of 15.4%, while administrative and support services grew at a more moderate pace of 7.5%.
Looking at the month-on-month changes, the services production index rose 2.7% in February compared to January 2024. Similar to the annual trends, transportation and storage (3.3%) and information and communication (4.6%) services witnessed the strongest gains. Real estate also grew significantly at 7.2%, while growth in accommodation and food services (3.0%) was more modest. Interestingly, professional, scientific and technical services (-0.1%) and administrative and support services (-0.2%) experienced slight declines on a monthly basis.
This data suggests a positive outlook for Türkiye's services sector, with several key industries demonstrating sustained growth. The annual increase highlights a potential recovery from last year, while the monthly figures indicate continued momentum in the current year. (ILKHA)