Turkey industrial output may grow most since March 2018
Turkey’s industrial production may have expanded at the highest annual rate since March 2018 in December.
Production is expected to have increased 7 percent annually in December, according to the median estimate in a Reuters poll of economists. That would mark the fourth consecutive month of expansion.
The Turkish Statistical Institute will publish industrial output data, a key indicator of economic growth, at 10 a.m. local time on Thursday.
Turkey’s economy is expanding again after contracting on an annual basis for three-straight quarters ending in June. The government says the economy probably grew by 5 percent in the final quarter of 2019 after 0.9 percent growth in the previous three months.
Industrial production was also expected to expand by 7 percent annually on a calendar-adjusted basis in December, according to the Reuters survey.
Turkey’s economy is emerging from a sharp downturn sparked by a currency crisis in the summer of 2018, thanks to government stimulus including cheap lending by state-run banks, tax cuts and a programme of interest rate reductions by a compliant central bank.
The government targets economic growth of 5 percent this year.