Turkish industrial production leaped 10.4% year-on-year in August, official data showed Tuesday, as the economic recovery picked up pace in a rebound from a coronavirus lockdown from March to June.
It is the output’s highest performance since January 2018, Industry and Technology Minister Mustafa Varank said.
“We are one of the fastest-recovering countries in the industry. Orders, investments, production and exports are on the rise in the industry. The revival will also be reflected in employment and growth in the third quarter,” Varank said on Twitter.
Month-on-month, industrial production was up 4.4% in August on a calendar and seasonally adjusted basis, the Turkish Statistical Institute (TurkStat) said.
Turkey logged its first virus infection in March, and soon after, many factories halted operations, leading to drops in production of 31.4% in April and 19.9% in May before a rise of 0.1% in June.
By sub-sectors, the intermediate goods index posted the highest monthly and annual increases in August with 13.6% and 4.8%, respectively, TurkStat said.
With 12.6%, the durable consumer goods index posted the second-highest annual increase, followed by the manufacturing index with 11.4%.
The durable consumer goods index also posted a monthly decline of 4.6% in August, while only the energy index saw an annual drop with 0.8%.