Turkey's Industrial Production, Retail Sales Plunge Amid Pandemic
Photo: AA, Graphics: TurkStat
Turkey's industrial production saw a decline of 31.4 percent while retail sales volume decreased by 19.3 percent in April, compared with the same month last year, the Turkish Statistical Institute (TurkStat) announced today (June 12).
On a monthly basis, the decrease was 30.4 percent for industrial production and 21 percent for retail sales.
Industrial production
The figures revealed that all three main sub-indices of production — mining and quarrying, manufacturing, and the electricity, gas, steam and air conditioning — dropped 14.5 percent, 33.3 percent and 14.9 percent, respectively, in April.
Industrial production is considered a vital indicator for the economy as it is seen as a preliminary gauge for the GDP growth.
In a tweet, Mustafa Varank, the Minister of Industry and Technology, evaluated the industrial production data for April. He pointed out that there had been a "significant decline" in industrial production due to the contraction in domestic and foreign demand.
"This decline is not only unique to our country. As of May, sectoral recovery started, gaining momentum in June. We will make permanent recovery and hopefully see strong momentum in the last two quarters," Varank said.
Retail sales
In April, non-food sales (except automotive fuel) decreased by 36.7 percent, automotive fuel sales decreased by 20.1 percent, food, drinks and tobacco sales increased by 12.5 percent.
Retail turnover with current prices decreased by 13.6 percent in April 2020 compared with the same month of the previous year. In the same month non-food (except automotive fuel) sales decreased by 29.1 percent, automotive fuel sales decreased by 35.8 percent, food, drinks and tobacco sales increased by 26.8 percent.
Retail turnover with current prices decreased by 20.5 percent in April 2020 compared with the previous month. In the same month food, drinks and tobacco sales decreased by 3.3 percent, non-food (except automotive fuel) sales decreased by 29.8 percent, automotive fuel sales decreased by 31.8 percent. (VK)