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Turkey PMI March 2023

Turkey: Manufacturing PMI hits highest reading since December 2021 in March

The ICI Manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in March from February’s 50.1. March’s result marked the best reading since December 2021. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.

March’s uptick was chiefly driven by rebounds in new orders and output. Although some firms were able to restart production, disruption stemming from February’s earthquake persisted. Notably, reconstruction efforts boosted output. On the price front, higher raw material costs and a weak lira led to further increases in input costs and output charges, but both increased at a softer rate. Meanwhile, firms cut their headcount for the first time in five months, and lead times lengthened for the third successive month.

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