Turkey: Manufacturing PMI inched up to a five-month high in September
October 1, 2014
The HSBC Manufacturing Purchasing Managers’ Index (PMI) inched up from 50.3 in August to 50.4 in September, which represented the highest level in five months. As a result of the increase, the PMI remains above the 50-threshold that separates expansion from contraction in business conditions.
September’s figure suggests better dynamics in the manufacturing sector and that output rose at the strongest rate since March. Job conditions strengthened in September, while new orders were broadly stable. Moreover, export orders worsened due to rising geopolitical tensions in the Middle East. HSBC analysts added that, “in Q4, domestic demand is likely to grow at a faster pace than foreign demand. Subdued growth in Europe and unrest in Iraq are likely to weigh on Turkey’s export performance.”