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Turkey PMI February 2024

Turkey: Turkish manufacturing sees first growth in eight months

The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers’ Index (PMI) rose to 50.2 in February from 49.2 in January, marking the first improvement in business conditions in eight months. As a result, the index moved above the 50.0 no-change threshold, and signaled an improvement in manufacturing sector operating conditions compared to the previous month.

In February, production grew for the first time in eight months. This resurgence was primarily driven by the stabilization of customer demand, which also encouraged firms to increase their purchasing activity. That said, new orders continued to soften, and the sector faced staff shortages and difficulties in sourcing raw materials, leading to a moderation in employment levels and a reduction in stocks of purchases.

Regarding prices, the period saw a mixed picture. While the rate of input cost inflation saw a marginal decrease, output prices surged to a six-month high, reflecting ongoing pressures from raw material and transportation costs, currency weakness, and recent wage increases.

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

“Although new orders continued to moderate, the news here was also promising as demand neared stabilisation. Firms will be hoping that new order trends can join those for output in growth mode in the near future.”

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