Skyline at golden hour in Turkey

Turkey PMI December 2021

Turkey: Manufacturing PMI ticks up slightly in December

The Istanbul Chamber of Industry Turkey Purchasing Managers’ Index (PMI) rose fractionally from 52.0 in November to 52.1 in December, signaling a fairly stable improvement in business conditions from the prior month. As such, the index remained above the neutral 50-threshold that separates an overall improvement from a deterioration in conditions.

The uptick came on the back continued job creation as employment rose for the 19th month in a row and at the fastest pace since August. Higher staff numbers were linked to efforts to increase capacity. That said, steep inflationary pressures held back the headline improvement, with output prices increasing at a steep pace in tandem with rising input costs. The rate of inflation surpassed the previous record from September 2018, likely due to the depreciating lira. The record increase in output prices deterred clients, with total new orders growth moderating as a consequence. This came despite continued growth in export sales as the lira depreciation has made Turkish goods more competitive. Furthermore, production and purchasing activity were scaled back due to currency pressures.

Andrew Harker, economics director at IHS Markit, commented:

“Alongside the potential issues caused by the emergence of the Omicron variant of the Covid-19 pandemic, the sector begins 2022 in a challenging position.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest