The Turkish manufacturing sector continued to recover in March with a headline rate hovering above the threshold level for the tenth month in a row, according to figures released on April 1.
Turkey‘s Purchasing Managers’ Index (PMI) for the manufacturing sector climbed to 52.6 in March, up from 51.7 in February, showed IHS Markit’s monthly purchasing managers’ index report prepared in collaboration with the Istanbul Chamber of Industry.
The figure signaled a solid improvement in the health of the sector with the backing of a rise in new orders.
“Panelists reported signs of improving demand, while new export orders rose for the third month running and at a faster pace than total new business,” the report said.
New orders, along with the addition of new production lines, supported an increase in output, though dampened by raw material supply shortages.
“Supply shortages also added to inflationary pressures at the end of the first quarter, with currency weakness contributing to the fastest increase in input costs in the year-to-date,” the report noted.
Turkish manufacturers continued to expand staffing levels at a solid pace in March, thanks to investment, new production lines and higher output requirements.
Commenting on the figure, Andrew Harker, economics director at IHS Markit, stressed that the manufacturing sector managed to secure renewed increases in new orders and expand both output and employment again in March, despite facing some headwinds.
Hurriyet Daily News