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Financial News: Turkey Industrial Production Growth Accelerates Unexpected

Turkey Industrial Production Growth Accelerates Unexpectedly

02/08/2018 - 02:38:00 (RTTNews)

(RTTNews) - Turkey's industrial production growth quickened unexpectedly at the end of the year, preliminary data from the Turkstat showed Thursday.

Industrial production grew a calendar-adjusted 8.7 percent year-on-year in December, faster than the 7.0 percent rise in November. Meanwhile, economists had expected the growth to ease to 6.8 percent.

Among sectors, mining and quarrying production advanced the most by 14.0 percent annually in December and manufacturing output climbed by 8.9 percent.

On a monthly basis, industrial production rose a seasonally and calendar-adjusted 0.9 percent from November, when it edged up by 0.2 percent.

During the fourth quarter, industrial output increased by 7.8 percent compared with the same quarter of the previous year.

Another report from the statistical office showed that retail sales growth improved to 5.4 percent in December from 4.1 percent in November. Month-on-month, retail sales gained 0.8 percent.

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