UPDATE – Turkish industrial output slips in November

UPDATE WITH MORE DETAILS</p> <p>By Tuba Sahin</p> <p>ANKARA (AA) – Turkey's calendar-adjusted industrial production dropped 6.5 percent in November 2018 compared to the same month the previous year, the Turkish Statistical Institute (TurkStat) announced Monday.</p> <p>Industrial output is considered a vital indicator for the economy, as it is seen as a preliminary gauge of GDP growth.</p> <p>Among three main sub-indexes, the manufacturing index posted the worst performance in November, down 7.1 percent year-on-year. </p> <p>The electricity, gas, steam, and air conditioning supply index fell 1.8 percent, while the mining and quarrying index went down 1.1 percent during the same period.</p> <p>The term &quot;calendar-adjusted&quot; is used to refer to data without calendar and holiday-originating effects.</p> <p>According to a survey conducted by Anadolu Agency's Finance Desk on Friday, a group of 11 economists projected the calendar-adjusted industrial production index to fall 3.1 percent year-on-year.</p> <p>On a monthly basis, industrial production dropped slightly, 0.3 percent in November, TurkStat data showed. </p> <p>Among the sub-sectors of the seasonally and calendar-adjusted industrial sector, the mining and quarrying index fell the most monthly. </p> <p>The mining and quarrying index dropped 3.7 percent in November, compared to October 2018.</p> <p>The manufacturing index dropped a slight 0.1 percent month-on-month in November, while the electricity, gas, steam, and air conditioning supply index remained unchanged. </p> <p>