Turkey | Still limited moderation in activity

Summary

Industrial production (IP) grew by 9.9% yoy (cal. adj.) in February, keeping the high momentum as the overall increase almost stayed the same at 10.9% yoy in the first two months of the year (vs. 10.7% in 4Q). Our monthly GDP indicator nowcasts 5.7% yoy growth for 1Q (with 44% info), with March data showing a much more clearer moderation.

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