Turkey: Manufacturing PMI rises in April
The ICI Manufacturing Purchasing Managers’ Index (PMI) came in at 51.5 in April, up from March’s 50.9. April’s result marked the best performance since December 2021. Consequently, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in manufacturing sector operating conditions compared to the previous month.
April’s improvement was driven by accelerations in new orders and output, stemming from stronger domestic and foreign demand. That said, supply chain disruptions caused by the earthquake persisted: Firms reported difficulties in obtaining materials and delivery times lengthened further. On the price front, both input cost and output charge inflation eased relative to the prior month, with some firms mentioning lower energy prices. Meanwhile, employment levels were broadly unchanged, as new hires roughly offset retirements.
Andrew Harker, Economics Director at S&P Global Market Intelligence, commented:
“The recovery in the Turkish manufacturing sector gathered momentum in April, with gains in new orders and output solidifying and prompting a renewed increase in purchasing activity.”