Turkey’s calendar-adjusted industrial production soared 5.1% in November 2019 compared to the same month of the previous year, according to official data released on Tuesday.
While the mining and quarrying index rose 7.2% and the manufacturing index climbed 5.3%, the electricity, gas, steam and air conditioning supply index fell 1.2% in November 2019 compared to the same month of the previous year, the Turkish Statistical Institute (TurkStat) said.
On a monthly basis, calendar and seasonally adjusted industrial production rose 0.7% in November 2019.
“Mining and quarrying index decreased by 3.1%, electricity, gas, steam and air conditioning supply index decreased by 2.2% in November 2019, while manufacturing index increased by 1.1% compared with the previous month,” it added.
An Anadolu Agency survey on Monday forecast that the calendar-adjusted index will rise 5.3% for November 2019 on a yearly basis.
Industrial production is considered a vital indicator for the economy, as it is seen as a preliminary gauge for GDP growth.
The term “calendar-adjusted” is used to refer to data without calendar and holiday-originating effects.