UPDATE 2 - Turkey's industrial output rises in October

UPDATES WITH TECHNOLOGY AND INDUSTRY MINISTER'S REMARKS

By Tuba Sahin

ANKARA (AA) - Turkey's calendar-adjusted industrial production rose 10.2% in October on a yearly basis, the country’s statistical authority said on Monday.

The manufacturing index saw the highest year-on-year rise among industrial subsectors, with 11%, the Turkish Statistical Institute (TurkStat) said in a statement.

The electricity, gas, steam, and air conditioning supply index went up 5.5%, while the mining and quarrying index rose 0.4% during the same period.

The term "calendar-adjusted" is used to refer to data without the calendar and holiday-originated effects.

A group of seven economists, surveyed by Anadolu Agency on Wednesday, projected that the industrial production index would rise 8% in October annually.

On a monthly basis, the country's industrial output also improved in October, indicating a rise of 1.1%.

Among all subsectors of the seasonal and calendar-adjusted industrial sector, manufacturing was the only subsector to see a month-on-month recovery in October, rising by 1.4%.

The electricity, gas, steam and air conditioning supply index dropped by 2.5% from September.

The mining and quarrying index fell slightly by 0.6% in the same period.

Commenting on the figure, the industry and technology minister said Turkey performed the strongest outlook among other countries of which October data announced.

"In the upcoming period, we expect a slowdown in industrial production due to the second wave of the pandemic and the decline in credit growth," Mustafa Varank wrote on Twitter.

The country targets to expand value-added production through accelerating technological and digital transformation, he underlined.

"In order to achieve these goals, we will strengthen financial stability by further improving predictability with a strong coordination in economic management," Varank noted.