Turkish manufacturing activity grows for 13th month: Index
ISTANBUL - Reuters
Turkish manufacturing activity expanded for the 13th consecutive month in March, albeit at a far slower pace, driven by greater volumes of new orders, higher production and higher employment, a survey showed on April 2.
The manufacturing Purchasing Managers’ Index (PMI) fell to 51.8 in March from February’s 55.6 but held above the 50-point line that separates expansion from contraction, the Istanbul Chamber of Industry and IHS Markit said.
Output levels rose in March due to stronger demand, with an expansion in foreign and domestic orders. Businesses responded to higher demand by increasing staff. March data also showed that cost burdens continued to rise as unfavorable exchange rates pushed up raw materials prices.
“Business conditions in Turkey’s manufacturing sector continued to improve in March, albeit at a slower pace compared to the previous survey period,” said Gabriella Dickens, an economist at IHS Markit.
“Underpinning the sustained expansion were higher volumes of output, new orders and employment,” added Dickens.