Turkey industrial output grows at fastest pace in almost two years

Turkey’s industrial production grew at the fastest annual pace in almost two years in December.

Industrial output jumped by 8.6 percent from December 2018 in the fourth consecutive annual increase, according to data published by the Turkish Statistical Institute on Thursday. The December figure marked the biggest expansion since February 2018, when output rose 9.9 percent. A Reuters poll of economists had predicted growth of 7 percent.

Turkey’s government is seeking to grow the economy at an annual pace of at least 5 percent, helped by cheap loans from state-run banks, after a currency crisis in the summer of 2018 sent it into a tailspin. Tax cuts and a programme of central bank rate cuts are also supporting economic activity.

Manufacturing output climbed by 9.1 percent, while production in mining and quarrying rose by 9.8 percent, the institute said.

Industrial output rose by 1.9 percent compared with November on a seasonally and calendar-adjusted basis.