Turk Curbs on Credit Cards Boost Jan. Industrial Output: Garanti
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Increased spending before limits on credit card use took effect probably contributed to the higher-than-expected rise in industrial production in January, according to Turkiye Garanti Bankasi AS in Istanbul.
Industrial output rose 7.3 percent in January from a year ago, more than the average estimate of 4.1 percent in a Bloomberg survey of seven economists. The rise was the highest since October 2011 and driven by manufacturing of intermediate and consumer goods, according to a statement by the state statistics office in Ankara.