Turkish industrial output unexpectedly accelerates
Turkey’s industrial production defied expectations in December, expanding 8.7 percent year-on-year.
Output climbed from 7 percent in November, on a calendar-adjusted basis, the statistics office in Ankara said on Thursday. It was the highest reading since September’s 10.5 percent, exceeding nine of the previous 11 months of data in 2017.
Economists had expected growth to ease to 6.8 percent. Mining and quarrying production surged 14 percent and manufacturing 8.9 percent, the statistics office said.
Turkey’s government is seeking to boost economic growth via measures including loan support for industry as it prepares for presidential and parliamentary elections due in 2019.
The monthly, seasonally and calendar-adjusted change was 0.9 percent, with manufacturing growth at 1.2 percent, it said. Production in mining and quarrying rose 2.4 percent, while output of power such as electricity fell 1.1 percent compared with the previous month.