Shock drop in industrial production – Last Minute Türkiye and World News

SHAFAQNA TURKEY – The Turkish Statistical Institute (TUIK) has released the results of the industrial production index for February.

Accordingly, the data of the monthly industrial production survey and the value added tax (VAT) declaration are used to calculate the industrial production index. Force majeure has been declared in earthquake-affected provinces and announcements have been delayed, with 67 percent of responses coming from surveys conducted in those provinces. For this reason, estimates were made using alternative data sources such as e-invoices, e-invoice data, and statistical methods for missing observations in February calculations. The share of the size estimated by these methods in the total volume is determined at 1.94 percent.

In February, calendar-adjusted industrial production fell 8.2 percent year on year. When analyzed by industry subsectors, the mining and quarrying sector index decreased by 18.2 percent, the manufacturing industry index decreased by 8.2 percent, and the electricity, gas, steam and air conditioning production and distribution sector index decreased by 4.5 percent. February compared to the same month of the previous year.

Seasonally and calendar-adjusted, industrial production fell 6% in February from the previous month.

In an analysis of industry sub-sectors, the mining and quarrying sector index decreased by 11.2 percent and the manufacturing sector index by 6.6 percent in February compared to the previous month, while the production of electricity, gas, steam and air conditioning and the distribution sector index increased by 1.4 percent.

The unadjusted industrial production index also fell 8.23 ​​percent year on year in February.