Turkey… The industrial production index rose 13.8 percent in August

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The industrial production index in Turkey grew by 13.8 percent on an annual basis last August, supported by an increase in sub-indices, most notably mining and manufacturing.

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This came according to the latest data announced by the Turkish Statistics Authority on Tuesday, which indicated that the industrial production index on a monthly basis increased by 5.4 percent compared to last July.

On an annual basis, the mining and mining sub-sector index increased by 9.4 percent, manufacturing industries by 14.2 percent, and the production and distribution of electricity, gas, steam, and air conditioning by 9.4 percent.

Turkish economists had expected in a poll that the calendar-adjusted industrial production index in August would increase by 9.31 percent year on year.

The industrial production index is an indicator that measures the total volume of industrial production in the country, regardless of its price value, and is considered a leading indicator of the gross domestic product.

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The productive and industrial sectors in Turkey have recovered from the negative consequences of the Corona pandemic, amid improved domestic and global demand for both production and consumption.

The Turkish economy grew by 21.7 percent on an annual basis in the second quarter of 2021, recovering strongly from a sharp slowdown a year ago driven by the restrictions of the Corona pandemic.

In 2020, the $720 billion economies grew by 1.8 percent.

It was one of the few global economies to avoid an annual contraction amid the initial fallout from the pandemic.