Turkey: Manufacturing PMI hits 22-month high in January

ANKARA

Turkey's Purchasing Managers’ Index (PMI) for the manufacturing sector rose to 51.3 in January, according to a business survey on Sunday.

The Istanbul Chamber of Industry report, prepared in cooperation with London-based global data firm IHS Markit, said January reading exceeded the threshold value of 50 for the first time in the last 22 months amid signs of improving market conditions.

New orders in January improved due to the recovery in demand, the report noted.

New export orders also increased and ended the five-month downward trend.

With rising new orders again, manufacturers expanded production for the third consecutive month, while employment rose for the first three months, it added.