Turkey industrial production growth slows, retail sales rise

Turkey's industrial production grew at a softer pace in February and retail sales increased, data from Turk stat showed on Monday.

Industrial production increased 8.8 per cent annually in February, after an 11.3 per cent rise in January. Economists had expected an 8.9 per cent growth.

Among the sub-sectors, mining and quarrying output increased 15.9 per cent annually in February and manufacturing output gained 9.3 per cent. Meanwhile, electricity, gas, steam, and air conditioning supply output fell 0.8 per cent.

On a month-on-month basis, industrial production rose 0.1 per cent in February, after a 0.9 per cent growth in the prior month.

Another report from the statistical office showed that retail sales increased rose 4.6 per cent yearly in February, following a 2.6 per cent gain in January.

Sales of food, drinks, and tobacco advanced 8.1 percent and non-food sales increased 4.0 per cent. Automotive fuel sales grew 4.6 per cent annually.

On a monthly basis, retail sales gained 3.4 per cent in February, following a 0.6 per cent rise in the preceding month.