Turkey’s industrial production grew 5.1 percent in November: report

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PHOTO: Dünya

Turkish industrial production picked up pace in November, growing 5.1 percent year-on-year in a third consecutive month of expansion, official data showed on Tuesday, as the economy recovers from recession, Reuters reported.

Month-on-month, industrial production was up 0.7 percent in November on a calendar and seasonally adjusted basis, the Turkish Statistical Institute said.

The Turkish economy expanded 0.9 percent in the third quarter after three quarters of year-on-year contraction following a 2018 currency crisis. The lira has lost some 36 percent of its value in the last two years.

The lira stood at 5.8820 against the dollar after Tuesday’s data, unchanged from its level beforehand and weaker than a close of 5.8625 on Monday.

Last month Turkey’s central bank cut its policy rate by 200 basis points to 12 percent, down from the 24 percent at which it stood in July before the bank began cutting sharply to revive the economy.

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