Turkey's industrial production in July rose 4.3% on a monthly basis, the country's statistical authority said Friday.
The manufacturing index saw the highest monthly rise among industrial subsectors, with 4.7%, the Turkish Statistical Institute (TurkStat) said.
The mining and quarrying index also went up 3.2%, while the electricity, gas, steam and air conditioning supply index fell 0.5% during the same period. However, on an annual basis, the country's industrial output decreased by 1.2% in July.
Mining and quarrying was the sole sector which saw improvement in July, rising 7.8% from the same month last year. The electricity, gas, steam and air conditioning supply index posted the worst performance on a yearly basis, going down 2.4%. TurkStat data showed that the manufacturing index slipped 1.3% year-on-year in July.
Industrial production has recorded a strong monthly rise in the third quarter, İş Portföy Economist Hande Şekerci said. "The preliminary indicators in August demonstrate that the weakening trend which has continued for a significant period of time is in the process of improvement," she added.
The improvement in the August figures is the sign of recovery from the sharp slowdown in June, QNB Finansbank Economist Deniz Çiçek said and argued that the rise in the PMI, real economy index and manufacturing capacity utilization in August also prove that the Turkish economy will see moderate growth in the upcoming months.
"The Turkish gross domestic product (GDP) is likely to register growth in the third quarter of the year," she added.
