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CORRECTED - (OFFICIAL)-UPDATE 1-Turkish Dec industrial output falls 17.6 pct

Published 02/09/2009, 07:41 AM
Updated 02/09/2009, 07:48 AM

(Corrects figure to show output fell 17.6 percent year-on-year not 11.9 percent after official correction from statistics office)

(Adds details, background)

ISTANBUL, Feb 9 (Reuters) -Turkish industrial production fell 17.6 percent year-on-year in December, official data showed on Monday, as the global financial crisis slashed both domestic and export demand.

A Reuters poll had given a median forecast of a 15 percent fall in industrial output for the month.

The Turkish Statistics Institute reported earlier on Monday that industrial output had declined 11.9 percent in December. It said in a subsequent statement that the mistake was due to textile production data being wrongly entered in its system.

Over the year as a whole the annual average industrial output fell 0.9 percent, compared with a rise of 6.9 percent in 2007 and a rise of 7.8 percent in 2006, according to the data from the institute.

A Reuters poll had given a median forecast of a 15 percent fall in industrial output for the month.

According to revised figures, industrial output fell 13.3 percent in November, compared to an originally reported decline of 13.9 percent.

Turkey's economy grew around 7 percent annually between 2001 and 2007, but activity slumped last year as the country's markets crashed. Economic growth hit a six-year low in the third quarter of 2008, expanding just 0.5 percent.

Manufacturing industry output, a main driver of the Turkish economy, fell 19.9 percent in December, the statistics institute said.

Water gas and electricity output fell 5.3 percent, while the country's smaller mining sector's output fell 2.0 percent on the year. (Writing by Daren Butler)

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