UPDATE - Turkey: Industrial output surges in January

UPDATES WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkey's calendar-adjusted industrial production surged 12 percent in January compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced Friday.

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

Among three main sub-indexes, the mining and quarrying index saw the highest annual increase in January, with 14 percent.

The manufacturing index rose 12.3 percent, while the electricity, gas, steam, and air conditioning supply index was up 3.2 percent during the same period.

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

However, on a monthly basis industrial production dropped slightly, 0.8 percent in January 2018, according to data.

Among the sub-sectors of the seasonally and calendar-adjusted industrial sector, the mining and quarrying index also posted the highest monthly rise.

The mining and quarrying index climbed 5.2 percent in January 2018 compared to December 2017.

The electricity, gas, steam and air conditioning supply index rose slightly 0.6 percent month-on-month in January.

The manufacturing index fell 1.2 percent in the month compared to December 2017.