17 September 2018•Update: 17 September 2018
By Tuba Sahin
ANKARA
Turkey's industrial output rose 5.6 percent in July compared to the same month last year, the country's statistics agency announced on Monday.
Industrial production is considered a vital indicator for the economy, as it is seen as a preliminary gauge for GDP growth.
Among the three main sub-indices, the mining and quarrying index saw the highest annual rise in the month, with 8.5 percent, the Turkish Statistical Institute (TurkStat) said.
The manufacturing index climbed 5.6 percent, while the electricity, gas, steam, and air conditioning supply index gained 3 percent during the same period.
A group of 10 economists, surveyed by Anadolu Agency's Finance Desk on Friday, projected that the industrial production index would rise 2.7 percent year-on-year in July.
On a monthly basis, the figure also surged by 3.5 percent in July compared to June.
Among all sub-sectors of the seasonal and calendar-adjusted industrial sector, mining and quarrying was the only sub-sector to see a decrease month-on-month in July falling by 1.9 percent.
Manufacturing index, and electricity, gas, steam and air conditioning supply index rose by 3.9 percent and 2.2 percent, respectively, in this period.
The term "calendar-adjusted" is used to refer to data without calendar and holiday-originated effects.
