Turkish industrial production climbed 8.6 percent year-on-year in December, official data showed on Thursday, exceeding forecasts in the fourth consecutive rise as the economy gathers pace after recovering from recession, according to Reuters.
Month-on-month, industrial production was up 1.9 percent in December on a calendar and seasonally adjusted basis, the Turkish Statistical Institute (TurkStat) said.
Turkey’s economy contracted on an annual basis in the three quarters to mid-2019, before growing by 0.9 percent in the third quarter. The Treasury minister predicts a surge to 5 percent in the fourth quarter.
Industrial production, viewed as a pre-cursor to growth figures, has expanded since September after contracting annually for 12 straight months.
The government’s economic forecast envisages economic growth of 0.5 percent in 2019 and 5 percent in 2020.