SHAFAQNA TURKEY-Japan Industrial production in January showed the fastest decline in the last 8 months due to falling overseas demand in the automotive and chip manufacturing sectors.
According to seasonally adjusted data, industrial production fell 4.6 percent in January from the previous month. Economists had expected industrial production to fall by 2.6 percent. Production increased by 0.3 percent in December.
Automotive production fell 10.1% in January, while machinery and electronic components fell 13.5% and 4.2%, respectively. The production of equipment for the production of semiconductors also decreased by 26.8 percent.
In January, when industrial production fell sharply, retail sales showed the fastest growth in almost 2 years. Retail sales in January rose by 6.3 percent compared to the same period last year. Economists had expected growth to be 4.0 percent.
Despite the decline in production, car sales rose 19.3 percent year on year.
Retail sales rose 1.9 percent in January from the previous month. In December, growth was 1.1 percent.
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