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Financial News: Turkey Industrial Production Growth Eases Sharply

Turkey Industrial Production Growth Eases Sharply

10/09/2017 - 04:19:00 (RTTNews)

(RTTNews) - Turkey's industrial production growth eased sharply in August from a year ago, data from the Turkish Statistical Institute showed Monday.

Industrial production rose a calendar-adjusted 5.2 percent year-over-year in August, well below July's double-digit growth of 14.5 percent. Economists had expected the growth to slow to 5.1 percent.

Among sectors, manufacturing production grew 5.6 percent annually in August and output in the utility sector advanced by 7.3 percent. Meanwhile, mining and quarrying production registered a decline of 4.7 percent.

On a monthly basis, industrial production edged down 0.1 percent from July, when it rose by 2.3 percent. It was expected to increase by 0.5 percent.

Separately, the statistical office revealed that retail sales increased at a steady rate of 2.6 percent yearly in August. It was the fourth month of rise in a row.

Month-on-month, retail sales rebounded 0.3 percent in August, following a 0.9 percent decrease in July.

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