Politics

Turkish industrial production to contract 6.5 pct in February

Reuters

ISTANBUL, April 12 () - Turkey's industrial production output is expected to contract 6.5 percent annually in February, a poll showed on Friday, as the economy struggles to leave behind the damage of last year's currency crisis.

The economy contracted 3 percent in the last quarter of 2018 and economic activity has remained slow since, with the central bank's policy rate standing at 24 percent since September.

The median estimate in a poll of 7 economists showed a year-on-year contraction of 6.5 percent of the calendar-adjusted industrial production index. Forecasts ranged between a contraction of 1 percent and 8.1 percent.

Turkey's economy is expected to contract in the first quarters of this year before turning to growth again. Overall, it is expected to contract in 2019.

The Turkish Statistical Institute will announce the industrial production figures for February on April 16 at 0700 GMT.


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Reuters

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