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.

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