Page 12 - TURKRptMay21

4.0 Real Economy 4.1 Industrial production
Turkey’s official working-day adjusted industrial production index was up 8.8% y/y in February.
Turkey's oil product imports decreased by 25% y/y to 2.65mn tonnes in January. Crude oil imports dropped 32% y/y to 1.83mn tonnes. Oil refinery product output decreased by 20% to 2.30mn tonnes in January, while gasoline production plunged nearly 35% to 270,395 tonnes.
Liquefied petroleum gas (LPG) imports declined by 21% y/y to 207,225 tonnes in January. Local LPG production declined 29% y/y to 66,603 tonnes, but exports leapt nearly 248% y/y to 33,000 tonnes.
In January-February, Turkey produced a total of 6.4mn tonnes of crude steel, marking a 9.4% y/y increase. The country's steel exports dropped 9.4% to 2.6mn tonnes and imports rose 0.3% to 2.4mn.
Turkey’s auto production was up 19% y/y in March and 1.3% y/y in Q1.
Turkey’s white goods production rose 43% y/y in March. Turkey is Europe’s largest producer of white goods with export revenues hovering at around $4.5bn annually.
Exports rose 26% y/y in Q1. Local sales and shipments to foreign markets amounted to 8.5mn units, marking a 29% y/y increase.
“Cost pressures on producers are mounting and price hikes in the period ahead may be inevitable,” said Can Dincer, chair of sectoral association TURKSBED.
The industry’s output reached 29.2mn units and exports amounted to 22mn units in 2020.
4.2 Inflation
Turkey’s official consumer price index (CPI) inflation moved up to 16.19% y/y in March from 15.61% in February.
12 TURKEY Country Report May 2021 www.intellinews.com