Türkiye's industrial production sees 3.1% annual growth

In August, the mining and quarrying index rose by 5.1%, the manufacturing index increased by 1.8%, and the electricity, gas, steam, and air conditioning supply index showed a growth of 4.9% compared to the same month in the previous year.

However, on a monthly basis, the industrial production index experienced a slight contraction, decreasing by 0.8% in August 2023. A closer look at the subsectors reveals that the mining and quarrying index increased by 0.2%, the manufacturing index declined by 1.3%, and the electricity, gas, steam, and air conditioning supply index saw a rise of 2.4% compared to the previous month.

The data suggests a nuanced picture of Türkiye's industrial landscape, with positive annual growth tempered by a modest monthly downturn. The mining and quarrying sector demonstrated resilience, registering gains both annually and monthly, while manufacturing experienced a dip on a monthly basis.

Analysts will be closely monitoring these trends to assess the trajectory of Türkiye's industrial production and its implications for the broader economic landscape in the coming months. The Turkish Statistical Institute's detailed breakdown provides stakeholders with valuable insights into the sectoral dynamics shaping the nation's industrial output. (ILKHA)