Turkey PMI

Turkey

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.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.9% in 2014, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 4.2%.


Author: Ricard Torné, Lead Economist

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Turkey PMI September 2014

Note: HSBC 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: HSBC and Markit.


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