Industrial production hiked to 4.7 percent in March from the previous year while the non-adjusted industrial output including seasonal impacts, rose to 4.9 percent, surpassing economists forecast of 2.5 percent, stated Turkish Statistical Institute (TUIK) on Friday.
A decline in harsh winter conditions and an improvement in the mining and manufacturing sector helped flourish the industrial performance.
Manufacturing increased to 5 percent year on year, driven by a 21.8 percent climb in production of automotive vehicles while the mining and quarrying index grew by 3.8 percent.
The output of capital goods climbed to 15.6 in total. Moreover, non-durable consumer goods’ production increased to 7.2 percent with the electricity, gas, steam and air conditioning supply index’s climbing by 3 percent in March.
Industrial output figures play an important role determining the growth data of a country.
Minister of Science, Industry and Technology Fikri Isik evaluated March data. Isik said although leading indicators signalled a hike, he was not expecting such a strong rise in the industrial production.
Isik added that the latest data is good news for Turkey and these numbers prove those wrong who are trying to draw disastrous scenarios for the Turkish economy.
Upon the release of data, the Turkish lira was at 2.6855 from 2.6868 against the US dollar. While, Turkey’s central stock index BIST-100, rose to 0.2 percent.