Turkey PMI


Turkey: Manufacturing PMI continues to improve in November

December 1, 2014

The HSBC Manufacturing Purchasing Managers’ Index (PMI) rose from 51.5 in October to 52.2 in November, which represented the highest level since February of this year. As a result, the PMI has moved further above the 50-threshold that separates expansion from contraction in business conditions.

November’s data signal that domestic demand is leading gains in the manufacturing sector, as both growth of output and new orders expanded at stronger rates than in the previous month. As a result of November’s better dynamics in the manufacturing sector, Turkish businesses continued to increase their hiring, with the corresponding sub-index expanding at the fastest pace since October 2013. HSBC analysts added that, “domestic demand is strengthening on the back of loose monetary conditions, while November new export orders data suggests that foreign demand is also showing signs of improvement. […]Meanwhile, the sharp drop in oil prices and the stabilization in the Turkish lira are keeping price pressures broadly in check.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.5% in 2014, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 3.9%, which is down 0.2 percentage points from last month’s estimate.

Author: Ricard Torné, Lead Economist

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Turkey PMI Chart

Turkey PMI November 2014

Note: HSBC Turkey Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: HSBC and Markit.

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