Turkey manufacturing activity sustains upturn in April: Index
ISTANBULTurkish manufacturing activity expanded again in April, as output, new orders, exports and employment all continued to grow, a business survey showed on May 2.
The manufacturing Purchasing Managers’ Index (PMI) was at 51.7 in April, down from March’s three-year high of 52.3 but staying above the 50-point line that separates expansion from contraction, the Istanbul Chamber of Industry and IHS Markit stated.
Underpinning the overall upturn of the sector in April was a further rise in the volume of new orders. The rate of growth was slightly slower than in March but nonetheless the third-strongest in over three years, according to the report.
“Turkey’s manufacturing upturn was sustained in April, with further solid growth rates signaled for output, new orders and exports. Buoyed by this, manufacturers expanded their workforces and purchasing activity. The latest survey results also signaled a further moderation in price pressures in the goods-producing sector,” said Trevor Balchin, Senior Economist at IHS Markit.
New export business increased for the fourth successive month. New business contributed to a further increase in output, which rose for the third consecutive month. The rate of growth eased since March but was the second-fastest in over three years.
Firms were also able to continue to deplete their backlogs of work during the month, according to the report.
Turkish manufacturing employment increased for the eighth time in nine months in April, and goods producers also expanded their purchasing activity during the period. Average input and output prices continued to rise in April, although the respective rates of inflation eased further to the slowest since last October.