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Financial News: Turkey Industrial Output Expands Further; Retail Sales Gro

Turkey Industrial Output Expands Further; Retail Sales Growth At 15-Month Low

05/13/2022 - 07:13:00 (RTTNews)

(RTTNews) - Turkey's industrial production continued to expand strongly in March, while retail sales growth eased to a 15-month low, data from the Turkish Statistical Institute showed on Friday.

Industrial production advanced a calendar adjusted 9.6 percent year-on-year in March, but slower than the 13.3 percent surge in February. Production has been rising since July 2020.

Among sectors, mining and quarrying output rose 2.9 percent annually in March, much slower than the 6.3 percent gain in February. Production growth in manufacturing also eased to 10.6 percent from 14.4 percent. At the same time, the electricity, gas, steam and air conditioning supply index increased by 1.9 percent.

On a monthly basis, industrial production dropped a seasonally adjusted 1.8 percent in March, reversing a 4.4 percent rebound in the prior month.

Separate data from the statistical office revealed that annual retail sales growth eased sharply to 2.5 percent in March from 6.5 percent in February.

The latest rate of increase was the weakest since December 2020, when sales had grown 1.4 percent.

Sales volume of food, drinks and tobacco grew by 6.4 percent in March compared to the last year and those of non-food items, except automotive fuel rose 5.7 percent. This was offset by a 12.4 percent fall in sales of automotive fuel.

On a monthly basis, retails sales went up 0.3 percent in March, following a 0.5 percent gain in the preceding month.

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