Turkey records biggest drop in industrial production in the last three years
The Turkish Statistical Institute (TUIK) has announced the industrial production index results for February. The seasonally adjusted industrial production showed an annual decrease of 8.2 percent in February. This rate was the biggest drop since May 2020.
When the sub-sectors of industry were examined, the mining and quarrying sector index in February decreased by 18.2 percent compared to the same month last year, the manufacturing industry sector index by 8.2 percent, and the index of production and distribution of electricity, gas, steam, and air conditioning by 4.5 percent.
Annual change rates of industrial production index (%), February 2023
Seasonally and calendar-adjusted industrial production decreased by 6 percent in February compared to the previous month.
When examined by sub-sectors, in February, the index for the mining and quarrying sector decreased by 11.2 percent compared to the previous month, while the manufacturing industry sector index decreased by 6.6 percent and the electricity, gas, steam, and air conditioning production and distribution sector index increased by 1.4 percent.
The unadjusted industrial production index also decreased by 8.23 percent annually in February.
Due to the earthquake centered in Kahramanmaras, force majeure was declared in the affected provinces, and declarations were postponed. Responses were obtained for 67 percent of the surveys collected from these provinces. Therefore, estimates were made using alternative data sources such as e-invoice and e-archive invoice data and statistical methods for missing observations in the February calculations. The share of the magnitude estimated by these methods in the total was determined as 1.94 percent.