Turkey: Hard data signals a gradual recovery

The calendar adjusted industrial production (IP) grew by 1% YoY (consensus of 3% and BBVA-GB 4%) in February. Lower than expected growth in IP has not confirmed the robust recovery in soft indicators so far in 2017 but still shows that the economy is gradually recovering toward its potential growth. Our monthly GDP model signals a 4.5% YoY growth in 1Q17.

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