Turkey PMI


Turkey: Manufacturing PMI inches down

March 2, 2015

The HSBC Manufacturing Purchasing Managers’ Index (PMI) inched down from 49.8 in January to 49.6 in February. As a result, the PMI now lies slightly further below the 50-threshold that separates expansion from contraction in manufacturing conditions. In addition, the print marked a seven-month low.

February’s fall mostly reflected further decreases in output and longer supplier delivery times, partly due to severe winter weather. In addition, new orders declined albeit at a slower pace. That said, still-strong dynamics in the manufacturing sector prompted job creation to remain a bright spot and employment increased for the 69th consecutive month. Input prices rose to a three-month high on the back of a weaker lira. HSBC analysts pointed out that, “Turkey’s manufacturing economy remained in a mild downturn in February. At first glance the steep drop in output looks alarming, but this can partly be attributed to severe weather during the month, which also impacted on suppliers’ delivery times.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 4.0% in 2015, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 4.6%.

Author: Angela Bouzanis, Senior Economist

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Turkey PMI Chart

Turkey PMI February 2015

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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