Turkey sees strong industrial output in September
Turkey's industrial production rose 9.3 percent year on year in September, which is higher than market expectation of 5.9 percent, said Turkey's State Institute of Statistics. Consequently, the index level reached all time high of 143 in September. With the two last months' robust performance, the average increase in the industrial production reached 4.9 percent year on year in January-September 2005 period. Meanwhile, the manufacturing sector production rose 10 percent in September. The refined petroleum production was one of the main items driving the September figure higher as the base effect was the major propeller of this jump. In addition, the increase in vehicle production was also supported by the low base year. Exports, which started to pick up in September, contributed to the increase in industrial production. The 4.9 percent increase in production in the January-September period fuels expectations that the 2005 growth will reach 5 percent, after the stunning growth of 9.9 percent in 2004.