Turkey: Sharp contraction in Industrial Production (IP)

IP fell by 6.5% yoy in calendar adjusted terms in November, disappointing the expectations (BBVA: -5.8%, Consensus: -5.4%). Our monthly GDP indicator nowcasts a contraction of 1.6% yoy growth in December (with 32% info), which is still consistent with our 3% 2018 GDP growth estimate but with some downside risks. We maintain our 2019 GDP growth forecast at 1%.

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