Turkey: Manufacturing PMI recovers strongly in October
November 2, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased to 49.8 in October, up from September’s 48.3. The figure marked the highest reading in eight months for Turkey and now rests just below the 50-threshold that separates contraction from expansion in manufacturing conditions.
The improvement in October reflects a pick-up in purchasing activity, which grew at the fastest rate in nearly two years. Moreover, new export orders rose for the second time in the last three months and employment in the goods producing sub-sector improved. Analysts at IHS Markit added that, “the latest survey also indicated the sharpest rate of input price inflation since October 2015.”
Author: Dirina Mançellari, Senior Economist