Turkey’s Industrial Production Up, Unemployment Rate Steady

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.

On a monthly basis, the figure also surged 3.5 percent in July compared to June.

Turkey’s unemployment rate constant in June

Turkey’s unemployment rate remained unchanged at 10.2 percent this June, TurkStat said.

Official data showed that the number of unemployed persons age 15 years and over rose by around 64,000 on a yearly basis, totalling some 3.3 million in June.

“In the same period, the non-agricultural unemployment rate occurred as 12.1 percent, with a 0.1 percentage point decrease,” the institute said.

“While the youth unemployment rate, including persons age 15-24, was 19.4 percent with a 1.2 percentage point decrease, the unemployment rate for persons age 15-64 occurred as 10.4 without any change,” it added.

In May, the country’s unemployment rate was 9.7 percent with nearly 3.1 million unemployed persons age 15 years and above, a drop of 0.5 percentage points compared to the same month in 2017.

Total turnover up 26.9 percent in July

Turkey’s economy saw an annual hike of 26.9 percent in total turnover in July, TurkStat said.

On a monthly basis, the economy’s total turnover rose 3.8 percent in July, TurkStat said.

“The calendar-adjusted turnover index in industry increased by 36.3 percent in July 2018 compared with the same month of the previous year,” the institute said.

The statistical authority said that the indices in the trade sector and services sector rose 20.5 percent and 28.9 percent year-on-year, respectively.

“Calendar-adjusted turnover index in construction increased by 28.3 percent in July 2018 compared with the same month of the previous year,” it added.

According to TurkStat’s definition, turnover is an important short-term indicator used to assess the country’s economic situation.