Turkish industrial production rose more than forecast in March, boosted by a surge in output by car manufacturers.
Industrial output adjusted for calendar effects rose 4.7 percent from a year ago, compared with the median estimate in a Bloomberg survey that predicted a 0.9 percent expansion. Output adjusted for both calendar and seasonal impacts increased 2.2 percent from February, Turkey’s state statistics institute said in a statement posted on its website on Friday.
Manufacturing output rose an annual 5 percent and was led by a 21.8 percent increase in production of motor vehicles, according to official data. Output of capital goods rose 15.6 percent while non-durable consumer goods’ production expanded 7.2 percent.
Carmakers’ production rose an annual 27 percent to 123,000 units in March as sales surged 75 percent during the same period to over 83,000, according to separate reports by car manufacturers and distributors associations.
The lira was trading 0.1 percent lower at 2.6878 per dollar at 10:16 a.m. after the report.