1/9/2013

Turkey's industrial output up 11.3 percent in November

Sabah – Industrial production in Turkey has surged ahead in the month of November with a rate of 11.3 percent, signaling an overall GDP growth of about 3 percent for 2012.

In a strong rebound following October's 5.7 percent contraction, strong year-on-year growth in industrial output announced by Turkish Statistical Institute (TurkStat) came largely due to a 13.3 percent increase in manufacturing sector.

Mining and quarrying output rose 7.5 percent while the production and supply of electricity, gas, steam and air conditioning increased 2 percent from the same month last year.

Seasonally adjusted, November 2012 output rose by 3.1 over the same month of 2011, and went up by 1.5 percent over the previous month.

The data indicates the Turkish economy's resilience in face of the financial stagnation in Europe and ongoing turbulence in the region, Turkey's Minister of Science, Industry and Technology, Nihat Ergun said, adding that the strong increase in industrial output in the last quarter showed that the annual growth target is achievable. “Exceeding forecasts, this figure points to over 3 percent growth for Turkey in 2012.” the Minister predicted.
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