Turkey: Manufacturing PMI rebounds strongly in August
September 1, 2014
The HSBC Manufacturing Purchasing Managers’ Index (PMI) rose from 48.5 in July to 50.3 in August, which represented the highest level in four months. As a result of the increase, the PMI jumped back above the 50-threshold that separates expansion from contraction in business conditions.
August’s figure indicates better dynamics in the manufacturing sector and that, “higher new orders from export markets resulted in a broad stabilisation of total new business inflows.” HSBC analysts added that, “going forward, we do not expect a rapid improvement in foreign demand conditions because of subdued growth in Europe and unrest in Iraq. Domestic demand is likely to grow at a faster pace than foreign demand in Q4, on the back of accommodative monetary conditions.”