ISTANBUL

Türkiye's industrial production expanded 7.1% year-on-year in August, the Turkish Statistical Institute (TurkStat) said Thursday.

Of the 12 sub-sectors measured, 11 posted annual rises, while one declined.

The capital goods index climbed 21% year-on-year in August, the medium-high technology index rose 19%, and high technology gained 8.5%.

However, the durable consumer goods index lost 4.6% on a yearly basis.

On a monthly basis, overall industrial production expanded 0.4% in August.

Of the 12 sub-sectors measured, six posted monthly rises, while the other six declined.

Among monthly figures, medium-high technology production was up 4.4%, non-durable consumer goods rose 1.9%, and medium-low technology gained 1.2%.

Meanwhile, the high-technology index plunged 16.3% on a monthly basis, production in electricity, gas, and steam fell 2.5%, and energy was down 1.4% in August.

On the new data, Turkish Vice President Cevdet Yilmaz stated that positive developments in industrial production are expected to contribute to the ongoing positive outlook in construction and services.

"Confidence in the economy is strengthening daily, driven by stabilization in growth, an improvement in the current account deficit, increased confidence in the Turkish lira, historically high reserves, a declining risk premium, and a declining budget outlook despite the impact of the earthquake," Yilmaz wrote on Turkish social media platform NSosyal, referring to a huge 2023 earthquake whose long-term impact is still lingering.

He added that in the coming period, they will continue to enhance social welfare by supporting production, investment, and exports while resolutely combating inflation.