Turkey’s Purchasing Managers’ Index (PMI) reached its highest level last month since November 2014, rising to 52.2 due to a sharp rise in new manufacturing and export orders, the Istanbul Chamber of Industry (İSO) said in a written statement.
A reading above 50 points indicates an expansion in activity on a monthly basis, while one below that points to a contraction.
While the PMI was 50.9 in November 2015, the figure rose to 52.2 last month amid signs of recovery in the manufacturing sector, said the statement.
The figures in production, new orders, exportation and purchasing activities increased in a faster manner last month compared to November 2015, encouraging companies to raise employment rates, it added.
“Even if manufacturers who were surveyed said escalating geopolitical tensions negatively affected the foreign demand, they noted a rise in new export orders. Another critical indicator for them was the positive effect of the decreasing input prices in the manufacturing sector,” said Markit Senior Economist Trevor Balchin.
He said the rising trend in the PMI of Istanbul mainly resulted from growth in both domestic and export markets.
Source: Hurriyet Daily News