Industrial production rises more than 11 percent

The annual increase in industrial production picked up sharply from 1.3 percent in January to 11.5 percent in February, data from the Turkish Statistical Institute (TÜİK) have shown.

In the same month of last year, the country's industrial output slumped 8.8 percent year-on-year.

Industrial production rose 3.2 percent in February from January, when the monthly increase was only 0.3 percent.

In the manufacturing sector, production soared nearly 12 percent compared with February last year, after recording a weak 0.7 percent annual increase in the previous month. Manufacturing production rose 3.8 percent month-on-month.

Latest PMI data signaled unchanged operating conditions for Turkish manufacturers in March, with the headline PMI posting at the 50 no-change mark, a survey by S&P Global showed earlier this month.

The headline PMI reading was 50.2 in February.

Energy production jumped 11.3 percent year-on-year, but monthly production fell 0.8 percent, according to the latest numbers of TÜİK.

The mining and mining and quarrying sector's output was up 12.8 percent annually.

The intermediate goods sector's output also rose more than 11 percent in February compared with the same month of last year, however, the monthly increase in its production was 1.1 percent.

Companies operating in the durable consumer goods industry increased their production by 12 percent year-on-year and 1.5 percent month-on-month.

In the non-durable consumer goods sector, output increase was relatively slower compared with other industries. In February, production in this sector rose by 3.9 percent annually, while the monthly increase was 1.9 percent.