breaking news Turkey's Industrial Output Up In November last minute news
MetiNews.Com - Beating market expectations with 11% year on year rise, figure indicates strong 3rd quarter growth.
Breaking News ! Turkey's calendar-adjusted industrial production surged 11% year-on-year last November, the country's statistical authority said on Wednesday.The figure, which beat market expectations, indicates strong growth for the third quarter of 2020.In a survey by Anadolu Agency on Friday, a group of economists projected the calendar-adjusted industrial production index would rise 8.3% year-on-year.The manufacturing index posted the best performance among industrial sub-sectors in November 2020, shooting up 11.6% from the same month in the previous year, the Turkish Statistical Institute (TurkStat) said in a statement.The electricity, gas, steam, and air conditioning supply index rose 7.5%, while the mining and quarrying index went up slightly, 4.6%, during the same period.The term "calendar-adjusted" is used to refer to data without calendar and holiday-originating effects.Turkey's industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for gross domestic product (GDP) growth.
.3% in November, TurkStat said.The manufacturing index posted the largest rise with 1.5%, followed by the mining and quarrying as well as electricity, gas, steam and air conditioning supply indices, 0.3% and 0.1%, respectively.Enver Erkan, an economist at Istanbul-based private investment firm Tera Yatirim, said the rapid recovery that started in the third quarter following a lockdown period was reflected in the October and November figures."Keeping production channels open will make the [manufacturing] sector appear more positive at a time when the effects of virus-related restrictions are seen," he added.Government steps such as keeping credit channels loose along with the sound industrial production figures will help the country see a positive growth rate for 2020, he stressed."The slowdown in global economies due to the quarantine measures, monetary tightening, and the rise in interest rates may cause a stagnation effect as of the first quarter of 2021," he also cautioned. -
Source = MetiNews.Com