Turkey: Manufacturing PMI falls to four-month low in February
March 1, 2016
The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and Markit, fell from January’s 50.9 to 50.3 in February. While it hit a four-month low, the manufacturing PMI remains slightly above the 50-threshold that separates contraction from expansion in manufacturing conditions.
February’s print mainly reflected that output and new orders both continued to expand, albeit at softer rates. ICI analysts added that, “the Turkish manufacturing sector remained in expansion mode in February, in contrast to the downturn experienced one year earlier. That said, there was a further loss of momentum since the end of last year, as the regional geopolitical landscape continued to undermine export demand. Reflecting weak growth of new work, firms adopted a cautious approach to purchasing activity.”