Turkey’s April industrial production index released by TURKSTAT, increased by 66% compared to the same month last year. The strong rise was due to a sharp contraction due to the pandemic during the same period last year.
On a monthly basis, the industrial production index fell 0.9%.
The annual growth of 66% will surely be pumping up Turkey’s 2Q21 GDP growth last year. Yet, as expected the quarterly GDP growth began loosing steam and might end with negative to zero growth starting from the 2H21.
When the sub-sectors of industry are examined on an annual basis, in April 2021, the mining and quarrying sector index increased by 25.5%; the manufacturing industry sector index increased by 72.3 and the electricity, gas, steam and air conditioning production and distribution sector index increased by 26.6%.
When the sub-sectors of industry are examined on a monthly basis, the mining and quarrying sector index decreased by 4.1% in April 2021 over March, the manufacturing industry sector index decreased by 0.7% and the electricity, gas, steam and air conditioning production and distribution sector index decreased by 1.3%.