The manufacturing sector reverted to positive growth of 1.4% y-o-y after contracting for the last four straight quarters. The growth was attributed to the electronics, transport engineering and chemical clusters.
Analysts are keeping their gross domestic product (GDP) estimates for 2024 unchanged after the Ministry of Trade and Industry (MTI) announced, on Feb 15, that real GDP grew by 1.1% in 2023 and by 2.2% in the 4Q2023.
While the figures stood lower than the 1.2% estimate for the full year and 2.8% for the final quarter of the year released on Jan 2, the full-year growth still marked the third straight year of expansions since the 3.9% y-o-y decline in 2020 from the Covid-19 pandemic.
