Dec 08 2017

Turkey says output data shows growth is strong

Turkish industrial production data for October shows economic growth is continuing apace and may exceed six percent for the year, Development Minister Lütfi Elvan said.

Industrial output rose an annual 7.3 percent in October, led by an increase in capital and manufacturing goods, the state statistics institute said on Friday.

The performance was stronger than expected and showed manufacturers had made a good start to the fourth quarter after the economy grew an annual 10 percent in the July-September period, Elvan said in a written statement, according to Milliyet newspaper.

Manufacturing output increased 7.7 percent from a year ago and production of capital goods surged 13.5 percent. Still, production of consumer items lagged the index – durable goods output rose 3.1 percent and production of non-durable goods increased 5.3 percent.