Turkey: Manufacturing PMI dips again in December
January 2, 2017
The Manufacturing Purchasing Managers’ Index (PMI) produced by the Istanbul Chamber of Industry (ICI) and IHS Markit fell from 48.8 in November to 47.7 in December, the lowest figure in four months and firmly below the 50-point threshold that separates contraction from expansion in the manufacturing sector.
Firms’ output and new orders fell in December compared to November, while employment rose for the fifth month running and export orders dipped slightly following a strong showing in the previous month. Also, the depreciation of the lira pushed up manufacturing input prices, with inflation continuing its upward trend. In the goods producing sector purchasing activity slowed in December compared to the prior month, although employment in the sector rose.
Author: Oliver Reynolds, Economist