ISTANBUL (Reuters) - Turkish industrial production climbed 8.6% year-on-year in December, official data showed on Thursday, exceeding forecasts in the fourth consecutive rise tmsnrt.rs/32KbNrP as the economy gathers pace after recovering from recession.
A Reuters poll for the calendar-adjusted index had forecast that output would increase 7.0% annually in December.
Month-on-month, industrial production was up 1.9% in December on a calendar and seasonally adjusted basis, the Turkish Statistical Institute said.
(GRAPHIC: Turkey's output continues expanding in December - here)
Turkey’s economy contracted on an annual basis in the three quarters to mid-2019, before growing by 0.9% in the third quarter. The Treasury minister predicts a surge to 5% in the fourth quarter.
Industrial production, viewed as a pre-cursor to growth figures, has expanded since September after contracting annually for 12 straight months.
The government’s economic forecast envisages economic growth of 0.5% in 2019 and 5% in 2020.
Writing by Daren Butler; Editing by Ali Kucukgocmen