Turkey Industrial Production Growth Strongest Since Mar 2011

Turkey Industrial Production Growth Strongest Since Mar 2011

Turkey's industrial production growth accelerated at a faster-than-expected pace in September to the highest level in six-and-a-half years, data from the Turkish Statistical Institute showed Wednesday.

Industrial production expanded a calendar-adjusted 10.4 percent year-over-year in September, much faster than the 5.3 percent rise in August.

Economists had expected the growth to improve to 9.7 percent.

Moreover, the latest rate of increase was the steepest since March 2011, when production had grown 11.5 percent.

Among sectors, manufacturing production grew 10.4 percent annually in September and output in the utility sector advanced by 13.0 percent. Mining and quarrying production registered an increase of 4.6 percent.

On a monthly basis, industrial production gained 0.6 percent from August, when it remained flat. It was forecast to rise by 0.7 percent.

Separately, the statistical office revealed that retail sales declined 1.2 percent annually in September, reversing a 2.6 percent rise in August. It was the first decrease in five months.

Month-on-month, retail sales dropped 0.6 percent in September after a 0.1 percent slight fall in the prior month.

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