The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 48.8 points in November, broadly in line with the average for 2016 to date at 48.9 points. Any figure greater than 50 indicates overall improvement of the sector.
The level of the PMI in November was primarily influenced by the seasonally adjusted output and new orders indices both remaining below 50. This was partly offset by positive contributions from the employment and suppliers’ delivery times indices.
The volume of new export business rose for the third time in four months in November. Moreover, the rate of expansion accelerated to its strongest level since December 2015.
The depreciation of the Turkish lira exerted upward pressure on manufacturing input prices in November, with inflation accelerating for the second month running. Thus, finished product prices charged by manufacturers also rose at a higher rate, compared to the previous period.