Türkiye's manufacturing PMI at neutral 50 mark in March

By Tuba Ongun

The Turkish manufacturing purchasing managers’ index (PMI) fell slightly to 50 no-change mark in March from 50.2 in February, according to a closely watched business survey released on Monday.

Business conditions were therefore stable overall during the month, said data provider S&P Global's monthly report, prepared in collaboration with the Istanbul Chamber of Industry.

Manufacturing output grew fractionally in March, while new orders and employment eased marginally but neared stabilization.

New orders eased to the smallest extent in nine months, encouraging some firms to expand production and increase purchasing activity in March.

Andrew Harker, economics director at S&P Global, said: "If the recent trend in demand continues we should hopefully see growth building momentum as we go through the second quarter of the year."

Inventories continued to be drawn down, however, with stocks of both purchases and finished goods scaled back at the end of the first quarter.