Turkey PMI February 2016

Turkey

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.”

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.2% in 2016, which is unchanged from last month’s estimate. The panel sees industrial output increasing 3.7% in 2017.


Author: Ricard Torné, Lead Economist

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Turkey PMI February 2016

Note: Istanbul Chamber of Industry 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: Istanbul Chamber of Industry and Markit.


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