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Financial News: Turkey Industrial Production Decline Slows In February

Turkey Industrial Production Decline Slows In February

04/16/2019 - 08:06:00 (RTTNews)

(RTTNews) - Turkey's industrial production declined for the sixth consecutive month in February and the pace of decline eased for second month, data from the Turkish Statistical Institute showed on Tuesday.

Industrial production fell 5.1 percent year-on-year in February, after a 7.4 percent decline in January. Economists had expected a 6.7 percent drop in production.

Among sectors, manufacturing fell by 5.5 percent annually in February, and was followed by a 4.7 percent decline in mining and quarrying.

Production of intermediate goods, capital goods and non-durables declined, while output of durable goods and energy increased.

On a monthly basis, industrial production rose 1.3 percent in February, following a 1.0 percent rise in the previous month.

The latest increase was the biggest since a 3.6 percent growth in July last year.

Separate data from the Turkish Statistical Institute showed that retail sales fell 4.9 percent annually in February, after a 6.3 percent decline in January.

On a month-on-month basis, retail sales rose 0.8 percent in February, lower than 1.4 percent rise in the prior month.

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