The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 44.7 points in November this year, up from October’s 44.3 points. Any figure greater than 50 indicates an overall improvement of the sector. The PMI increased for a second consecutive month.
The latest PMI data showed that the challenging market conditions in the Turkish manufacturing sector continued during November. In the given month, output, new orders and employment indicated a slowdown due to the ongoing challenging market conditions, but the declining trend decelerated in November compared to the previous period. Input cost and output price inflation rates decreased signally in November, owing to gradual improvements in the Turkish lira exchange rate.
“A marked easing of inflation is helping to alleviate some of the pressure on Turkish manufacturers as the lira exchange rate shows some improvement. While the worst of the current slowdown may be over, business conditions remain challenging and there is still some way to go before a return to growth is signalled,” said Andrew Harker, associate director at IHS Markit.