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Turkey PMI February 2023

Turkey: Manufacturing PMI unchanged in February

The ICI Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in February, matching January’s reading. Consequently, the index remained above the 50.0 no-change threshold, signaling a continued improvement in manufacturing sector operating conditions from the previous month.

February’s reading was impacted by the devastating earthquake in the southeast of the country early in the month. Output eased again as some firms paused production due to the quake, while new orders also softened, albeit at the second-weakest pace in 16 months. Notably, supply chain disruptions stemming from the catastrophe caused supplier lead times to lengthen to the greatest extent in ten months. On the price front, both input cost inflation and output charges rose further. Positively, employment levels increased for the fourth successive month.

Andrew Harker, Economics Director at S&P Global Market Intelligence, commented:

“The terrible earthquake in February impacted the Turkish manufacturing sector during the month, with supply chains and production lines affected in particular. Hopefully we will see signs of recovery in the affected areas and across the sector as a whole in the months ahead.”

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