Turkey’s manufacturing activity grows for eighth straight month: Index
Turkish manufacturing activity expanded for the eighth straight month in October, a business survey showed on Nov. 1, driven by solid growth in new orders, output and employment.
The manufacturing Purchasing Managers’ Index (PMI) slipped to 52.8 in October from September’s 53.5 but held above the 50-point line that separates expansion from contraction, the Istanbul Chamber of Industry and IHS Markit said.
The latest reading marked the eighth consecutive month of improving business conditions, the longest period of consecutive growth since 2014, according to the index.
Inflationary pressures rose in the sector as increasing input costs led to a faster increase in output prices charged by the Turkish goods producers.
“Solid improvements were noted in the Turkish manufacturing sector again in October, as output and new business from both domestic and foreign channels grew,” said Gabriella Dickens, an economist at IHS Markit.
“Buoyed by this, firms increased their capacity through higher employment and purchasing activity,” she said.