Turkey’s Oct industrial output data “ice in pants for those hoping for V-shape recovery” says economist
Turkish industrial production rose for the second-straight month in October—but the pace of the recorded growth was significantly less than anticipated, weighing on expectations for a fast recovery from a year that’s included a bitter recession.
October output was up 3.8% y/y, following September’s 3.4% y/y expansion, the Turkish Statistical Institute (TUIK) said on December 13. The median forecast of a Reuters survey of economists earlier this week predicted 6.2%.
"Turkey's worse than expected industrial production release is unwelcome ice in the pants for those hoping for a V-shape recovery," said Erik Meyersson, senior economist at Swedish bank Handelsbanken, in comments posted on Twitter. "Yet more important than one month's release is that TR IP is struggling to reach pre-2016 trends."
Production of non-durable consumer goods moved up by an annual 4.9% in October, the TUIK said. Output of energy rose by 8.4% and that of intermediate goods by 4.2%. Manufacturing of durable consumer goods, on the other hand, was down 5.1%.
October industrial production fell by 0.9% m/m, the TUIK added.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
S&P upgrades ratings of Freedom subsidiaries to ‘BB-’
S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Nasdaq-listed Freedom Holding, raising ratings on Freedom Finance, Freedom Finance Europe, Freedom Finance Global and ... more
Kazakhstan’s Freedom fintech sets out to emulate and exceed Revolut in Europe
Freedom Holding Corp (Nasdaq: FRHC) is positioning itself to expand deeper into Europe’s financial services market with plans to launch a digital bank in France, backed by a €500mn ($572mn) ... more
Fintech Freedom Holding aims to make France key entry point into EU with €500mn investment
A French banking licence would open the way to a new phase in the international expansion of Nasdaq-listed fintech group Freedom Holding Corp. That’s the expectation of Freedom, a company ... more