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Turkey PMI November 2023

Turkey: Manufacturing PMI decreases in November

The Istanbul Chamber of Industry Manufacturing Purchasing Managers’ Index (PMI) fell to 47.2 in November from October’s 48.4. November’s result marked the worst performance since November 2022. As such, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.

November’s downturn was caused by muted domestic and foreign demand. New orders fell at the quickest pace since November 2022, which translated into a sharper fall in output. Against this backdrop, firms reduced their headcounts and scaled back their input purchasing.

On the price front, input cost inflation eased, but remained elevated amid sustained lira weakness, while output charge inflation was unchanged.

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