Turkey PMI

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Turkey: Manufacturing PMI signals contraction in January

February 2, 2015

The HSBC Manufacturing Purchasing Managers’ Index (PMI) fell from 51.4 in December to 49.8 in January. As a result, the PMI now lies below the 50-threshold that separates expansion from contraction in manufacturing conditions. In addition, the print marked a six-month low.

January’s fall mostly reflected declines in output and new orders. That said, the still-strong dynamics in the manufacturing sector prompted job creation to remain a bright spot, with the corresponding sub-index expanding at December’s three-year high pace. Input prices slowed to the weakest rate in over five-and-a-half years. In this regard, HSBC analysts pointed out that, “[f]irms reported that the weaker lira-dollar exchange rate continued to pressurize import prices in general, but also a deflationary impact from falling oil prices.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 4.0% in 2015, which is unchanged from last month’s forecast. Next year, the panel expects industrial output to increase 4.6%.


Author: Angela Bouzanis, Senior Economist

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Turkey PMI January 2015

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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