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Turkey PMI January 2022

Turkey: Manufacturing PMI moderates notably in January

The Istanbul Chamber of Industry Turkey Purchasing Managers’ Index (PMI) dropped to 50.5 in January from 52.1 in December, marking an eight-month low. Although the index remained above the neutral 50-threshold that separates an overall improvement from a deterioration in conditions, it signaled a notably softer improvement in operating conditions from the prior month.

The drop in the headline reading came on the back of continued inflationary pressures—linked to currency weakness—leading to a moderation in output and new orders. Demand cooled both at home and abroad, with new export orders ending a seven-month period of growth. Furthermore, with weakening pressure on capacity, backlogs of work continued to be reduced. More positively, goods producers took on new employees for the 20th month running amid investment plans.

Andrew Harker, economics director at IHS Markit, commented:

“The new year began very much as the old one ended, with Turkish manufacturers continuing to face the challenges of operating in an inflationary environment. There were, however, some signs of pressures beginning to ease, something which firms will hope continues over the rest of the first quarter to help them in the hunt for new business.”

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