Data: Industrial orders surge 16 percent in March
Turkey's industrial orders surged by 16 percent in March over a year earlier, with industrial turnover also up 13.6 percent during the same period, in line with an economic rebound.
A closely watched gauge for future economic activity, industrial orders increased by 13.7 percent compared to the previous month, official figures released by the Turkish Statistics Institute (TurkStat) on Monday revealed. The highest increase in orders over the last year came in the manufacture of metal products, with 37.9 percent. It was followed by 37.6 percent in the manufacture of pharmaceutical products. In the sub-sectors level of industry, the mining and quarrying turnover index increased by 21.7 percent over the year, and the manufacturing index increased by 13.3 percent in March 2012 compared to the same month of the previous year.
The figures follow earlier encouraging figures in industrial output. Turkey's industrial production was 2.4 percent higher in March over the same month of 2011, recording the 28th monthly increase in a row.
The core indicator of economic growth, industrial production in Turkey was 14 percent higher in the first three months of 2011 over 2010. The markets, however, failed to maintain the same strong performance in the first quarter of this year. Growth in industrial production in the first three months of 2012 over the same period last year stands at a modest 2.7 percent.