Turkey’s domestic producer price index (PPI) rose by 45.52pc annually and by 2.77pc on a monthly basis in August against the same period last year, according to the Turkish Statistical Institute (TUIK).
The 12-month average PPI grew by 31.34pc in August, a marked difference from a 6.71pc 12-month average increase in August 2020 and close to the 30.51pc average rise in August 2019.
Mining and quarrying PPI climbed by 31.81pc in August from a year ago while manufacturing rose by 45.37pc in the same time frame. Intermediate goods grew by 54.71pc last month as durable consumer goods rose by 29.12pc, and capital goods increased by 29.12pc, all against August 2020.
In monthly terms, mining and quarrying rose by 2.72pc in August while manufacturing grew at a slower pace by 1.24pc.
The basic metal PPI leaped by 100.27pc in August compared to a year ago while rising 2.9pc compared to the preceding month.
Turkey GDP grows
Turkey’s gross domestic product (GDP) rose by 21.7pc in Q2 2021 compared to the year-ago quarter. The services industry grew by 45.8pc in Q2 against the previous year’s quarter while the manufacturing industry rose by 40.5pc, real estate activities by 3.7pc, and construction by 3.1pc in the same period. Finance and insurance activities, though, declined by 22.7pc in Q2 2021 against the same quarter in 2020.
In Q2 2021, exports value of goods and services rose by 59.9pc as imports value grew by 19.2pc.