Beating market expectations with 11% year-on-year rise, figure indicates strong 3rd quarter growth
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.
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.