Industrial production decreased by 1.6 percent on a monthly basis and contracted by 5.3 percent on an annual basis in August. Thus, the contraction was the sharpest annual decline since February 2023.
According to the statement made by the Turkish Statistical Institute (TurkStat), when the sub-sectors of industry (with reference year 2021 = 100) are analyzed, in August 2024, the index of mining and quarrying sector decreased by 5.4 percent compared to the same month of the previous year, the index of manufacturing industry sector decreased by 5.4 percent and the index of electricity, gas, steam and air conditioning production and distribution sector increased by 1.6 percent.
Industrial production down by 1.6 percent month-on-month
Analyzing the sub-sectors of industry, in August 2024, the index of mining and quarrying sector decreased by 4.4 percent compared to the previous month, the index of manufacturing industry sector decreased by 1.3 percent and the index of electricity, gas, steam and air conditioning production and distribution sector decreased by 3.2 percent.
