Turkish services sector showed robust growth in February 2024, according to the latest data from the Turkish Statistical Institute (TÜİK).

The services production index jumped 13.8% year-on-year, indicating a significant increase in activity compared to February 2023.

Several sub-sectors within services experienced notable gains. Transportation and storage led the pack with a 14.3% annual rise, followed by accommodation and food services (18.0%), information and communication (15.3%), and real estate (15.8%). Professional, scientific and technical services also saw a healthy increase of 15.4%, while administrative and support services grew at a more moderate pace of 7.5%.

Looking at the month-on-month changes, the services production index rose 2.7% in February compared to January 2024. Similar to the annual trends, transportation and storage (3.3%) and information and communication (4.6%) services witnessed the strongest gains. Real estate also grew significantly at 7.2%, while growth in accommodation and food services (3.0%) was more modest. Interestingly, professional, scientific and technical services (-0.1%) and administrative and support services (-0.2%) experienced slight declines on a monthly basis.

This data suggests a positive outlook for Türkiye's services sector, with several key industries demonstrating sustained growth. The annual increase highlights a potential recovery from last year, while the monthly figures indicate continued momentum in the current year. (ILKHA)