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Thursday, February 13, 2020

Turkish industrial output jumps 8.6% year-on-year in December

Turkish industrial output jumps 8.6% year-on-year in DecemberTurkish industrial output jumps 8.6% year-on-year in December

ISTANBUL (Reuters) - Turkish industrial production climbed 8.6% year-on-year in December, official data showed on Thursday, exceeding forecasts in the fourth consecutive rise https://tmsnrt.rs/32KbNrP as the economy gathers pace after recovering from recession.

A Reuters poll for the calendar-adjusted index had forecast that output would increase 7.0% annually in December.

Month-on-month, industrial production was up 1.9% in December on a calendar and seasonally adjusted basis, the Turkish Statistical Institute said.

(GRAPHIC: Turkey's output continues expanding in December - https://fingfx.thomsonreuters.com/gfx/editorcharts/TURKEY-CENBANK/0H001QEKP7G1/eikon)

Turkey's economy contracted on an annual basis in the three quarters to mid-2019, before growing by 0.9% in the third quarter. The Treasury minister predicts a surge to 5% in the fourth quarter.

Industrial production, viewed as a pre-cursor to growth figures, has expanded since September after contracting annually for 12 straight months.

The government's economic forecast envisages economic growth of 0.5% in 2019 and 5% in 2020.

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