Turkey PMI

Turkey

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.”

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, Head of Economic Research

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Turkey PMI August 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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