Turkish manufacturing activity grows for one year running: Index
Turkish manufacturing activity expanded in February to mark a full year of consistent improvement, a business survey showed on March 1, driven by rises in output, new orders and employment.
The manufacturing Purchasing Managers’ Index (PMI) eased slightly to 55.6 in February from January’s 55.7 but held above the 50-point line that separates expansion from contraction, the Istanbul Chamber of Industry and IHS Markit said.
“Despite softening slightly, the headline figure signaled a further sharp improvement in the health of the sector. In fact, the rate of growth was the second-fastest since March 2011,” it added.
Latest survey data signaled that the continued expansion in Turkey’s manufacturing sector was again supported by marked output growth.
Job creation increased in the sector in February due to sustained growth of new orders as the strong demand led to a number of new projects.
The February data also showed that input cost and output price inflation eased from January, although both remained high.
“February data indicated that the health of the Turkish manufacturing sector improved at a rate broadly similar to that seen at the start of 2018, supported by strong growth in output and new orders,” said Gabriella Dickens, an economist at IHS Markit.
“Consequently, job creation accelerated in February as businesses aimed to increase operating capacity,” Dickens added.