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Turkish factory activity rises in January after falling for 2 months

Reuters/Umit Bektas
The divestment is a continuation of ArcelorMittal’s strategy initiated in 2012 when it started reducing its stake in Erdemir

Turkish industrial production expanded 4.5 percent year-on-year in January, more than expected, data showed on Friday, returning to growth after two months of decline due to a global economic slowdown.

Industrial output expanded 1.9 percent month-on-month in January on a calendar and seasonally adjusted basis, data from the Turkish Statistical Institute showed.

In a Reuters poll, output had been expected to expand 2.45 percent year-on-year in January. The major earthquakes that hit Turkey’s south in February are likely to impact subsequent growth.

Unemployment rate falls

Turkey’s unemployment rate fell 0.5 percentage points month-on-month to 9.7 percent in January, while a seasonally adjusted measure of labour under-utilisation rose 0.6 percentage points to 21.9 percent, data showed on Friday.

The labour under-utilisation measure had been on a falling trend since peaking at 29.6 percent in January 2021 due to the economic fallout from pandemic measures.

The Turkish Statistical Institute data showed the labour force participation rate in January rose 0.2 percentage points to 54.1 percent.