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Turkish Vehicle Production Up In October

ISTANBUL, Nov 8, 2002 Reuters reported that Turkish motor vehicle production soared a yearly 78 percent in October, an industry body said on Friday, as a new government prepared to take office in the EU candidate country amid signs it was emerging from economic crisis.

The Justice and Development Party (AKP), the landslide victor in Sunday's general election, is hoping healthy economic growth will help it meet election pledges on jobs and poverty as it takes over the reins of a $16 billion IMF pact.

Production of motor vehicles, one of the main indicators of economic growth in Muslim Turkey, rose a yearly 14 percent in the first 10 months of the year, the Automotive Industry Association (OSD) said in a written statement.

The figures compare with 2001 when the automotive industry was among the sectors worst hit by the economic crisis and an economic contraction of around 10 percent.

Industrial output data for the month of September, released earlier on Friday, showed a yearly 10.8 percent rise. The data have bolstered hopes the country may be finally emerging from its deepest economic recession since 1945.

Production of cars rose eight percent while production of commercial vehicles jumped 34 percent in the January to October period, it said. Car production rose a yearly 73 percent in October alone while commercial vehicle output soared 97 percent.