UPDATE – Turkey: Industrial output rises 8.6% in December

– All sub-sectors of industry post rises in month, official figures show

UPDATES WITH REMARKS BY INDUSTRY AND TECHNOLOGY MINISTER

By Gokhan Ergocun

ISTANBUL (AA) – Turkey's industrial production posted an increase of 8.6% year-on-year in December 2019, Turkish Statistical Institute (TurkStat) said on Thursday.

In the month, all the three main sub-indices — mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning — rose by 9.8%, 9.1% and 0.3%, respectively.

Industrial production is considered a vital indicator for the economy, as it is seen as a preliminary gauge for GDP growth.

However, the figure up by 1.9% in December, compared with the previous month.

Turkey's industrial production also saw an increase of 5.8% year-on-year in the last quarter of 2019.

Mustafa Varank, the Turkish industry and technology minister, said on Twitter that the industrial production index hit the 21-month-high in December.

He said the country focused on making permanent this performance and production-based growth.

"We are working for a year in which growth is accelerating, the real sector is strengthening, and employment is on the rise," the minister said.

"On an annual basis, all components of the index remained positive. The strong trend in the fields of capital goods, intermediate goods and high technology is an indication that we are on the right track for the future," he added.