Turkish manufacturing grows for nine consecutive months

By Tuba Sahin

ANKARA

The Purchasing Managers’ Index (PMI) for Turkey's manufacturing sector reached 52.9 in November amid strong demand, a closely monitored business survey revealed on Friday.

"The latest reading marked the ninth consecutive month of growth in the Turkish manufacturing sector - the longest seen since 2014," according to the report of London-based global data company IHS Markit prepared in collaboration with the Istanbul Chamber of Industry.

The report indicated a solid overall improvement in Turkey's business conditions.

A reading greater than 50 indicates growth of the sector, while a reading below 50 signals a contraction.

"Furthermore, the headline PMI remained well above its long-run trend level of 50.8," the report said, adding the workforce rate rose the fastest in 34 months.

This improvement eased the pressure on manufacturers’ capacity and helped companies work through their outstanding business, it said.

The latest PMI report revealed an increase in inflationary pressures on the sector driven by exchange rates.

Output increased for the tenth successive month buoyed by "robust demand", the report added.