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Turkey PMI December 2023

Turkey: Manufacturing PMI improves in December

The Istanbul Chamber of Industry Manufacturing Purchasing Managers’ Index (PMI) rose to 47.4 in December from November’s 47.2. Consequently, the index remained below the 50.0 no-change threshold, signaling a continued deterioration in manufacturing sector operating conditions from the previous month.

December’s uptick was driven by shorter supply delivery times and a stabilization in employment levels. Nonetheless, the Turkish manufacturing sector remained in the doldrums: Both output and new orders continued to fall amid sustained demand weakness. Against this backdrop, purchasing activity shrank at the sharpest rate in four months.

On the price front, input cost inflation eased for the fifth consecutive month. However, firms raised their output prices at the fastest pace since August.

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