Ergun predicts steady industrial output growth ahead

Industrial production in Turkey jumped 12.1 percent in January year-on-year, implying a moderate recovery for the nation's economy, which sustained less damage from the global economic crisis than most countries. Touting the encouraging figures, Industry and Trade Minister Nihat Ergun said that the moderate recovery in industrial output would spearhead a recovery in other sectors as well. Stressing that further growth hinges on the development of the real sector, Ergun said that rising industrial output would continue this month and in the months to come. Creating new jobs requires a stable economic growth based on the real sector, Ergun said, adding that Turkey could achieve its growth goals through strengthening the private sector, expanding into foreign markets, and above all keeping confidence and morale high. In related news, the Finance Ministry is planning to hire 1,400 new tax auditors, revenue experts and public accountants this year as part of a major restructuring at its Revenue Administration to crack down on the underground economy and tax evasion. The ministry also plans tighter tax inspection for companies from all sectors of the economy.