UPDATE - Turkey's industrial output down 31.4% y-o-y in April

UPDATES WITH REMARKS FROM TECHNOLOGY MINISTER

By Aysu Bicer

ISTANBUL (AA) - Turkey's industrial production saw a decline of 31.4% year-on-year in April 2020, the country's statistical authority said on Friday.

Turkish Statistical Institute (TurkStat) revealed that all three main sub-indices -- mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning -- dropped 14.5%, 33.3% and 14.9%, respectively, in April.

Industrial production is considered a vital indicator for the economy as it is seen as a preliminary gauge for the GDP growth.

Meanwhile, the figure, on a monthly basis, was also down 30.4% in April.

In a Twitter post, Mustafa Varank, Turkey's industry and technology minister, evaluated the industry production data for April.

Varank pointed out that there had been a “significant decline” in industrial production due to the contraction in domestic and foreign demand.

"This decline is not only unique to our country. As of May, sectoral recovery started, gaining momentum in June. We will make permanent recovery and hopefully see strong momentum in the last two quarters," Varank said.

On Wednesday, a total of nine experts surveyed by Anadolu Agency projected the index to see a 25.4% decrease in April.

In the first quarter of this year, several sectors, especially manufacturing, were affected by the measures against the COVID-19 pandemic, such as curfews.