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Industrial production in Turkey for the month of March came in at -0.1%, above forecasts of -1.45%, according to data released today. The figures show a dramatic improvement from the previous month of February, when industrial output contracted by 1.7%.
The data provides a welcome boost to the Turkish economy, which has been struggling as a result of the pandemic. The manufacturing sector has been particularly hard hit, with production levels dropping substantially in the past twelve months. This is the first month in 2021 where industrial production figures have not been negative and provides an indication that the economy is beginning to turn around.
Analysts had been expecting a more modest improvement in industrial production due to the continued effects of the pandemic. It appears that the Turkish economy has been able to stage a more robust recovery due to a combination of government support measures such as tax incentives, cheap funding, and a weaker Lira.
In addition, the agricultural sector has performed strongly, with figures released last week showing that Turkey’s agricultural output had expanded by 11.2% in March. The pick-up in activity in both the manufacturing and agricultural sectors may help to boost employment, as companies start to hire workers to meet rising demand.
Overall, while industrial production figures are still below pre-pandemic levels, the data provides a sign that the economy is stabilizing, with growth picking up pace. The government will continue to monitor figures closely to ensure the recovery continues in the months ahead.
