Turkish industrial output grows for first time in 13 months
Turkey’s industrial output expanded for the first time in 13 months in September, the Turkish Statistical Institute said on Thursday.
Production increased by an annual 3.4 percent from September last year, the institute said in a statement on its website. Output increased by 3.2 percent on a month-on-month basis compared with August, increasing for the sixth time in nine months.
Manufacturing of non-durable goods climbed by an annual 8.9 percent. Output of energy increased 8.1 percent and capital goods production gained 6.9 percent, the institute said.
“The Turkish economy is showing its durability, as so often in the past, despite the vagaries of policy,” Tim Ash, senior emerging markets strategist at BlueBay Asset Management in London, said in e-mailed comments to clients.
Turkey’s government has implemented tax cuts and slashed interest rates on loans from state-run banks to help pull the economy out of a deep downturn sparked by a currency crisis in August last year. Manufacturers have pared back price increases after consumer demand for goods slumped, helping to increase their order books.
Economic output in Turkey shrunk by an annual 1.5 percent in the second quarter, the third-straight decrease. Turkish Treasury and Finance Minister Berat Albayrak says he expects a recovery in activity in the final months of the year, predicting marginally positive economic growth for 2019 as a whole.