UPDATE - Turkey: Industrial output rises 1.3% m-o-m in February

UPDATES WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkey's industrial production in February rose by 1.3% from a month earlier, the country's statistical authority said on Tuesday.

Among the three main sub-indices, the manufacturing index posted the highest monthly rise in February, with 1.4%, TurkStat said in a statement.

The electricity, gas, steam, and air conditioning supply index went up 0.8%, while the mining and quarrying index rose by 0.3% during the same period.

Industrial production is considered a vital indicator for the economy, as it is seen as a preliminary gauge for the GDP growth.

However, the figure dropped 5.1% in February on a yearly basis.

Posting 5.5% annual decline, the manufacturing index performed worst among three main sub-indices.

The mining and quarrying index followed it with a 4.7% decline.

The electricity, gas, steam and air conditioning supply index rose by 0.4 percent year-on-year in the month.

According to a survey conducted by Anadolu Agency last week, the median estimate for annual industrial production in February was a decrease of 5.6 percent.

A group of 12 economists forecast the seasonally and calendar adjusted index to increase 2 percent on a monthly basis.