UPDATE - Türkiye’s industrial production climbs 7.1% in August

ADDS TURKISH VICE PRESIDENT'S COMMENTS; REVISES DECK, OTHER EDITS

By Mucahithan Avcioglu

ISTANBUL (AA) - Türkiye's industrial production expanded 7.1% year-on-year in August, the Turkish Statistical Institute (TurkStat) said Thursday.

Of the 12 sub-sectors measured, 11 posted annual rises, while one declined.

The capital goods index climbed 21% year-on-year in August, the medium-high technology index rose 19%, and high technology gained 8.5%.

However, the durable consumer goods index lost 4.6% on a yearly basis.

On a monthly basis, overall industrial production expanded 0.4% in August.

Of the 12 sub-sectors measured, six posted monthly rises, while the other six declined.

Among monthly figures, medium-high technology production was up 4.4%, non-durable consumer goods rose 1.9%, and medium-low technology gained 1.2%.

Meanwhile, the high-technology index plunged 16.3% on a monthly basis, production in electricity, gas, and steam fell 2.5%, and energy was down 1.4% in August.

*** On the new data, Turkish Vice President Cevdet Yilmaz stated that positive developments in industrial production are expected to contribute to the ongoing positive outlook in construction and services.

*** "Confidence in the economy is strengthening daily, driven by stabilization in growth, an improvement in the current account deficit, increased confidence in the Turkish lira, historically high reserves, a declining risk premium, and a declining budget outlook despite the impact of the earthquake," Yilmaz wrote on Turkish social media platform NSosyal, referring to a huge 2023 earthquake whose long-term impact is still lingering.

*** He added that in the coming period, they will continue to enhance social welfare by supporting production, investment, and exports while resolutely combating inflation.