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There was a big decrease in industrial production after the earthquake

TUIK published the industrial production index data for February 2023. Force majeure was declared in the provinces affected by the earthquake disaster and declarations were postponed. TUIK stated that it received 67% of responses from the surveys compiled from the provinces in this region. According to this...

There was a big decrease in industrial production after the earthquake

The industrial production index decreased by 6 percent on a monthly basis and by 8,2 percent on an annual basis in February, when the Kahramanmaraş and Hatay-centered earthquake disaster took place.

Turkish Statistical Institute (TUIK) announced the industrial production index results for February.

Accordingly, the data obtained from the monthly industrial production survey and value added tax (VAT) returns are used in the calculation of the industrial production index.

Force majeure was declared in the provinces affected by the earthquake disaster and the declarations were postponed, and 67 percent of the answers were obtained from the surveys compiled from these provinces.

For this reason, estimations were made using alternative data sources such as e-invoice, e-archive invoice data and statistical methods for missing observations in the calculations for February. The share of the size estimated by these methods in the total was determined as 1.94 percent.

In February, calendar adjusted industrial production decreased by 8.2 percent on an annual basis.
When the sub-sectors of the industry are analyzed, the mining and quarrying sector index decreased by 18.2 percent, the manufacturing industry index decreased by 8.2 percent and the electricity, gas, steam and air conditioning production and distribution sector index decreased by 4.5 percent in February compared to the same month of the previous year.

Seasonally and calendar adjusted industrial production decreased by 6 percent in February compared to the previous month.

When the sub-sectors of the industry are analyzed, the mining and quarrying sector index decreased by 11.2 percent and the manufacturing industry sector index by 6.6 percent in February compared to the previous month, while the electricity, gas, steam and air conditioning production and distribution sector index increased by 1.4 percent.

The unadjusted industrial production index also decreased by 8.23 percent y-o-y in February.

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