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

Turkey Industrial Output Expands Further; Retail Sales Growth At 6-Month High

06/13/2022 - 03:52:00 (RTTNews)

(RTTNews) - Turkey's industrial production continued to expand strongly in April, while retail sales growth accelerated to a 6-month high, data from the Turkish Statistical Institute showed on Monday.

Industrial production climbed a calendar adjusted 10.8 percent year-over-year in April, faster than the 9.8 percent rise in March.

Meanwhile, economists had forecast growth to ease to 8.0 percent. Production has been rising since July 2020.

Among sectors, manufacturing output grew the most, by 11.9 percent in April compared to last year, and that of mining and quarrying grew 7.4 percent.

At the same time, output in the utility sector registered a decline of 0.4 percent.

Compared to the previous month, the seasonally adjusted industrial production showed no variations in April, following a 1.7 percent fall in March.

Separate data from the statistical office revealed that annual retail sales growth accelerated sharply to 14.7 percent in April from 2.7 percent in the previous month.

The latest rate of increase was the fastest since October 2021, when sales had grown 15.6 percent.

Non-food sales, except automotive fuel, surged 31.3 percent yearly in April, while food, drinks and tobacco sales dropped 1.1 percent.

Month-on-month, retail sales rose at a faster pace of 2.1 percent in April, after a 0.7 percent gain in the preceding month.

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