The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 51.7 points in April this year, down from March’s 52.3 points. This followed one of the largest month-on-month increases in the headline figure in the 12-year history of the survey in March. The PMI remained above its long-run trend level of 50.7 in the latest period and was the second-highest since December 2015, signaling a further solid overall improvement in manufacturing operating conditions. Any figure greater than 50 indicates overall improvement of the sector.
Underpinning the overall upturn of the sector in April was a further rise in the volume of new orders. The rate of growth was slightly slower than in March but nonetheless the third-strongest in over three years. New export business increased for the fourth successive month.
New business contributed to a further increase in output, which rose for the third consecutive month. The rate of growth eased since March but was the second-fastest in over three years. Firms were also able to continue to deplete their backlogs of work during the month.
Average input and output prices continued to rise in April, although the respective rates of inflation eased further to the slowest since last October.
“Turkey’s manufacturing upturn was sustained in April, with further solid growth rates signaled for output, new orders and exports. Buoyed by this, manufacturers expanded their workforces and purchasing activity. The latest survey results also signaled a further moderation in price pressures in the goods-producing sector,” stated Trevor Balchin, senior economist at IHS Markit.