Türkiye's industrial production grows by 7.4% annually
The Turkish Statistical Institute (TurkStat) announced on Monday that Türkiye's industrial production grew by 7.4% annually in July 2023, compared to the same month of the previous year.
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The mining and quarrying index increased by 1.7%, the manufacturing index increased by 7.4%, and the electricity, gas, steam, and air conditioning supply index increased by 4.1%.
On a monthly basis, industrial production decreased by 0.4% in July 2023, compared to the previous month.
The mining and quarrying index increased by 10.5%, the manufacturing index decreased by 1.4%, and the electricity, gas, steam, and air conditioning supply index increased by 3.7%.
The increase in industrial production was driven by strong growth in the manufacturing sector, which accounts for the bulk of industrial activity in Türkiye.
The manufacturing index was supported by increased production of machinery and equipment, motor vehicles, and chemicals.
The decrease in industrial production on a monthly basis was due to a decline in the manufacturing sector.
The manufacturing index was dragged down by decreased production of machinery and equipment, motor vehicles, and textiles.
The Turkish economy has been recovering from the COVID-19 pandemic, and industrial production has been one of the leading sectors of growth.
The strong growth in industrial production is a positive sign for the Turkish economy, and it suggests that the recovery is gaining momentum. (ILKHA)
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