Turkey's manufacturing index upturn continues in April

By Dilara Zengin

ANKARA (AA) - The Purchasing Managers’ Index (PMI) for Turkey’s manufacturing sector was 51.7 points in April -- the second-highest since December 2015, according to a report released by the leading financial analysis company, IHS Markit, on Tuesday.

The PMI report, which was carried out in collaboration with Istanbul Chamber of Industry, showed a 0.6-point decrease from the previous month.

In March, the PMI for the manufacturing sector was 52.3 points.

"The PMI remained above its long-run trend level of 50.7 in the latest period and was the second-highest since December 2015, signaling a further solid overall improvement in manufacturing operating conditions," the report said.

It noted that further rise in the volume of orders underpinned the overall upturn of the sector in April.

Although the rate of growth was slightly slower than in March, it was the third-strongest in over three years, it said.

New businesses contributed to an increase in output, which rose for the third-consecutive month, it added.

Turkish manufacturing employment also increased for the eighth time in nine months in April, it said.

IHS Markit Senior Economist Trevor Balchin said Turkey’s manufacturing upturn sustained in April, with further solid growth rates signaled for output, new orders and exports.

"Buoyed by this, manufacturers expanded their workforces and purchasing activity. The latest survey results also signaled a further moderation in price pressures in the goods-producing sector," Balchin added.