Turkey's industrial output surprises in January

Wednesday, 09 March 2005 11:32:15 (GMT+3)   |  
       

Turkey’s industrial output surprises in January

Turkey's State Institute of Statistics (DIE) disclosed that the country's industrial output rose 6.8% year-on-year in January 2005. Economists had been expecting a 3.6% decline in January industrial output due to the seasonality in January, flat exports and weak capacity utilization rate in the manufacturing industry. In January, the increase in the production of non-metallic products drove production figures higher. The motor vehicles, the main driver of the industrial production in 2004, rose 3.1% year-on-year in the first month of 2005, signaling the slow down in this sector. Overall, mining output rose 16% year-on-year in January while manufacturing industry output increased 7.1%. In addition, some domestic oriented sectors have performed extremely strong. Food and beverages output jumped 18.6%, chemicals output by 13.2% and machinery and equipment output by 19.3%. The rise in industrial production is expected to continue in February as well, as a result of base-year effect and seasonality.

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