POLL-Turkish factory activity expanded 9% in Oct

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ISTANBUL, Dec 11 (Reuters)Turkey’s industrial production is expected to have increased 9% annually in October, rising for a fifth straight month, a Reuters poll showed on Friday, as economic activity continued to rebound following initial coronavirus lockdown measures.

Turkey logged its first coronavirus infection on March 11 and soon after many factories temporarily halted operations. As a result, industrial production plunged in April and May by 31.4% and 19.9%, respectively, but turned positive in June.

The median estimate in a Reuters poll of six institutions showed year-on-year growth of 9% in the calendar-adjusted industrial production index in October. Forecasts ranged between 7.10% and 10.50%.

Turkey’s economy contracted nearly 10% annually in the second quarter due to measures to slow the spread of the coronavirus but reopening steps and government’s fiscal stimulus boosted economy to a more-than-expected 6.7% in the third quarter.

The Turkish Statistical Institute will announce industrial production figures on Dec. 14 at 0700 GMT.

(Writing by Ezgi Erkoyun Editing by Daren Butler)

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