Turkey PMI

Turkey

Turkey: Manufacturing PMI recovers to three-month high in October

November 2, 2015

The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and Markit, rose from 48.8 in September to 49.5 in October, hitting a three-month high. Despite the improvement, the PMI continues below the 50-threshold that separates contraction from expansion in manufacturing conditions.

October’s upturn mainly reflected a softer decline in both output and new orders. Moreover, the employment category recorded further gains in October. The weakening of the lira contributed to the increase in export orders, but also fanned inflationary pressures. ICI analysts added that, “Turkey’s manufacturing malaise continued in October, although the latest survey results suggest that the extent of the downturn remains modest. Output and new orders both fell only slightly during the month, while exports and jobs both registered further growth. Firms also saw some respite from intensifying cost pressures as the lira strengthened slightly, but inflationary pressures remain strong overall.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 2.8% in 2015, which is down 0.1 percentage points from last month’s forecast. Next year, the panel expects industrial output to increase 3.4%, which is unchanged from last month’s forecast.


Author: Angela Bouzanis, Senior Economist

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Turkey PMI October 2015

Note: Istanbul Chamber of Industry 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: Istanbul Chamber of Industry and Markit.


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