Turkish output rises at fastest pace in three months, retail sales climb

Turkey’s annual industrial output increased at the fastest pace since August, the Turkish Statistical Institute reported.

Production expanded by 11.4 percent in November, led by 12.5 percent growth in manufacturing output, the institute said on Thursday. It rose by 3.3 percent month-on-month, the second-highest increase since July 2020, the figures showed.

A slump in the value of the Turkish lira is leading to more exports, helping companies offset any softening in demand at home. Exports reached a record $225.4 billion in 2021, increasing 33 percent year-on-year, President Recep Tayyip Erdoğan said last week.

Retail sales volume also climbed in November, the statistical institute said on Thursday. Sales rose by an annual 16.3 percent, advancing for the 18th straight month. The sales expanded by 1.3 percent from October in the sixth-straight monthly increase.

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