Turkey Manufacturing Unexpectedly Grew in April, Yields Rise

Turkish industrial production unexpectedly expanded in April from a year ago. Bond yields climbed.

Production grew 1.8 percent from April 2011, the statistics agency in Ankara said on its website today. Output was expected to be unchanged, according to the median estimate of six economists questioned by Bloomberg. Production expanded an annual 2.6 percent in March.

Economic growth in Turkey is slowing after the debt crisis in Europe intensified and the central bank tightened monetary policy to stem inflation and bank lending. The annual expansion in the economy slowed for three-straight quarters to 5.2 percent in the final three months of 2011. The government targets growth of 4 percent this year.

Yields on two-year lira bonds rose six basis points to 9.19 percent at 10:16 a.m. in Istanbul.

Monthly output climbed 1 percent from April, the statistics agency said. Annual adjusted output rose 1 percent, it said.

To contact the reporter on this story: Ali Berat Meric in Ankara at americ@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.