Turkey industrial output may grow most since March 2018

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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.

Ahval

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