Turkey: Industrial production up 11% yoy in November

Turkey: Industrial production up 11% yoy in November

Calendar-adjusted industrial production rose 11% yoy last November, Turkish statistics authority TurkStat said on Wednesday.

The number, which exceeded market expectations, shows strong growth for the third quarter.

In a survey by the Anadolu Agency on Friday, a group of economists predicted that the industrial production index with an adjusted calendar would increase by 8.3% on an annual basis.

The construction index recorded the best performance among industrial subsectors in November 2020, up 11.6% from the same month last year, the Turkish Statistical Institute (TurkStat) said in a statement.

The index of electricity, gas, steam and air conditioning supply increased by 7.5%, while the index of mining and quarrying increased slightly, 4.6%, during the same period.

Turkey’s industrial production is considered a vital indicator for the economy, as it is considered a preliminary indicator of GDP growth./ibna