Turkey: Manufacturing PMI hit a nearly one-year high in November
December 1, 2015
The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and Markit, rose from 49.5 in October to 50.9 in November, hitting the highest level since December 2014. As a result of the improvement, the PMI now lies above the 50-threshold that separates contraction from expansion in manufacturing conditions.
November’s print mainly reflected that output, new orders, purchasing activity and employment all expanded at the fastest pace in over one year. ICI analysts added that, “Turkey’s manufacturers turned out the best performance of the year so far in November, with the PMI above the crucial 50.0 growth threshold and at its highest level since December 2014. The survey’s main activity indicators – output, new orders, purchasing, exports and employment – all signalled growth during the latest period, with some firms reporting reduced uncertainty following the elections. The sector also benefited from a weaker rise in input prices during the month as the lira strengthened further from its September nadir.”