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.
Related Articles
Saudi private sector secures 82% of development fund contracts worth $3bn
Saudi private companies have captured 82% of contracts signed by the Saudi Development Fund over the past three years, with a total value exceeding $3bn, according to Abdulmohsen Al-Khayyal, ... more
Construction work on $4.6bn Trans-Afghan Railway could reportedly be under way within six months
Construction work on the proposed Trans-Afghan Railway could be under way within six months, while the project could cost around $4.6bn to deliver and cut shipping transit times from Uzbekistan to ... more
Uzbekistan’s banking sector becoming more resilient, says Fitch
Uzbekistan’s banking industry is becoming more resilient, with the sector underpinned by ongoing structural reforms, stronger regulation and improving governance, ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
22 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago