Turkey's industrial output rises 8.6% in December

Turkey's industrial output rises 8.6% in December

Turkish industrial production climbed 8.6% year-on-year in December, official data showed today, exceeding forecasts in the fourth consecutive rise as the economy gathers pace after recovering from recession.

A Reuters poll for the calendar-adjusted index had forecast that output would increase 7% 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 (TurkStat) said.

Industrial production has expanded since September after contracting annually for 12 straight months, Reuters reported. 

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.

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