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Turkey | Activity beats expectations in 4Q17

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Industrial production (IP) grew by 8.7% yoy (cal. adj.) in December 2017 above the market call of near 7%. Hence, the moderation in IP proved to be limited with 7.8% annual growth in 4Q after 10.2% growth in 3Q. We maintain our 2017 GDP growth estimate at 7% with risks on the upside while the economy may moderate towards near 4.5% in 2018.

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