By Gokhan Ergocun
Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector reached 54.9 in December thanks to solid growth in new orders, according to a closely watched business survey released on Tuesday.
London-based global data company IHS Markit’s monthly purchasing managers’ index report -- prepared in collaboration with the Istanbul Chamber of Industry -- showed manufacturing operating conditions in Turkey continuing to improve for a tenth consecutive month.
"Higher demand from both home and abroad, with growth of new export orders at a near seven-year high. This in turn supported stronger increases in output, employment, and purchasing activity," said the report.
Strong production growth was supported by a further rise in employment during the month, it added.
“The Turkish manufacturing sector saw growth accelerate at the end of 2017, with output and new orders each rising at sharper rates," Gabriella Dickens, IHS Markit's economist, said in the report.
She added: "Notably, new export orders increased at the fastest pace since February 2011. Higher new orders encouraged firms to increase employment sharply."
In the report, any figure greater than 50 points indicates an overall improvement of the sector. Turkey's PMI has been standing at over 50 points since March.
PMI was 52.9 in November and 53.5 in September.