Turkish factory activity grows for10th straight month in December 2017

Turkish factory activity grows for10th straight month in December 2017

ISTANBUL
Turkish factory activity grows for10th straight month in December 2017

Turkish manufacturing activity expanded in December 2017 for the 10th consecutive month, as increases in rates of new orders, hiring and output all remained robust, a business survey showed on Jan. 2.

The manufacturing Purchasing Managers’ Index (PMI) rose to 54.9 in December 2017 from 52.9 in November 2017.

The figure pointed to a marked monthly improvement in the business sector and was the strongest reading since August, the Istanbul Chamber of Industry and IHS Markit said.

Readings above 50 indicate growth in activity.

The panelists reported higher demand from both home and abroad, with growth of new export orders at nearly a seven-year high, according to the survey.

“This in turn supported stronger increases in output, employment and purchasing activity,” read the survey.

“Strong production growth was supported by a further rise in employment during the month, with staffing levels increasing at the quickest pace since March 2011. This expanded capacity enabled firms to work through outstanding business,” it also added.

“The Turkish manufacturing sector saw growth accelerate at the end of 2017, with output and new orders each rising at sharper rates. Notably, new export orders increased at the fastest pace since February 2011. Higher new orders encouraged firms to increase employment sharply,” said Gabriella Dickens, an economist at IHS Markit, commenting on the PMI survey data.

factory, activity, december, 2017