According to Istanbul Chamber of Industry Turkey PMI™ Manufacturing Index, Markit said Turkey’s PMI posted 47.7 points in December last year, down from November’s 48.3 points. Any figure greater than 50 indicates overall improvement of the sector. The headline index averaged higher in the last three months of the year, compared to the preceding quarter.
The latest PMI™ survey data from Istanbul Chamber of Industry and IHS Markit pointed to a slight increase in employment in the Turkish manufacturing sector, whereas the Output, New Orders and New Export Orders indices were below the neutral threshold of 50.0. The latest survey data also signaled stronger inflationary pressures in the sector.
The volume of new export business fell in December. The rate of contraction was only marginal, and December’s index level followed an 11-month peak in the previous month.
Latest data signaled that the purchasing activity undertaken by Turkish goods producers slowed in December compared with one month previously. The strongest growth in nearly two years had been recorded in October.
The depreciation of the lira continued to exert upward pressure on manufacturing input prices in December, with inflation continuing its upward trend. Thus, output prices charged by manufacturers also rose at a higher rate, compared to November.