The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 48.7 points in January this year, up from December’s 47.7 points. The latest figure was broadly in line with the 2016 average of 48.8. Any figure greater than 50 indicates overall improvement of the sector.
The level of the PMI in January was primarily influenced by the seasonally adjusted output and new orders indices both remaining below 50.0. This was partly offset by a positive contribution from the suppliers’ delivery times index and a neutral employment index.
The volume of new export business rose for the fourth time in six months in January.
“The Turkish PMI remained below 50.0 at the start of 2017, mainly reflecting the output and new orders components. More positively, employment was stable during the month and exports rose. Cost pressures remained intense, linked again to the weak currency,” stated Trevor Balchin, senior economist at IHS Markit.