Türkiye experiences 3.9 percent decline in industrial production
Date
9/11/2024 9:05:23 AM
(MENAFN) In July, Türkiye experienced a 3.9 percent decline in industrial output compared to the same month the previous year, a drop that exceeded expectations. This decrease was primarily driven by significant reductions in production across several key sectors. The supply of electricity, gas, steam, and air conditioning saw a sharp contraction of 8.2 percent, while the manufacturing sector also faced a notable decrease of 5.1 percent year-on-year, according to data released by the Turkish Statistical Institute (TurkStat).
Conversely, the mining and quarrying sector showed positive growth, expanding by 3.3 percent on an annual basis in July. This growth in mining and quarrying somewhat offset the broader decline observed in the industrial sector. Despite the overall yearly drop, there was a slight improvement in industrial production on a monthly basis, with a 0.4 percent increase in July following a 2.4 percent decline in June.
Breaking down the monthly changes further, the mining and quarrying index saw a rise of 2.1 percent in July compared to June. Meanwhile, the manufacturing sector experienced a modest uptick of 0.5 percent month-on-month. However, the index for electricity, gas, steam, and air conditioning supplies recorded a decrease of 1.9 percent in the same period.
These figures indicate a mixed performance across different segments of the industrial sector. While there are signs of recovery in certain areas, such as mining and quarrying, the overall industrial output has faced substantial challenges, particularly in the energy supply and manufacturing sectors. The data highlights ongoing volatility and sector-specific issues that may impact Türkiye's industrial performance in the near term.
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