Promising signs in Turkish economy

Industrial production, one of the leading indicators of economic growth increased beyond expectations, Turkish Statistical Institution (TSI) reported. According to TSI figures, industrial production rose by 1.4% in June with respect to May and by 4.2% with respect to June 2012. As a result, annual increase in industrial production reached 3%, surpassing the projecteds figure of 1.9%. Manufacturing industry took the lead with 5.4% increase in output compared to last year. Meanwhile, Minister of Science, Industry and Technology Nihat Ergün noted that early indicators showed that the economic growth during the second quarter of 2013 would be much higher than during the first quarter. On the other hand, Erdal Bahçevan of the İstanbul Chamber of Trade said that the rise in industrial production was a very important and heartening development for the Turkish economy.