Although the Manufacturing PMI in Türkiye rose to a six-month high of 48.1 in December, it pointed out that the contraction in the sector continues

January 3, 2023

Istanbul Chamber of Industry Turkey Manufacturing PMI , which is the leading indicator of economic growth and is regarded as the fastest and most accurate reference for manufacturing industry performance, increased to 48.1 in December. Although the aforementioned data shows that operating conditions are still slowing down, it was the highest level since June and demonstrated that the performance of the sector was deteriorating at a modest rate.

New orders climbed in half of the 10 sectors measured by the Istanbul Chamber of Industry Turkey Sectoral PMI survey in December. Additionally, there was an increase in output. The sector with the greatest rise in new orders was electrical and electronic products. The number of new export orders was only able to rise in three areas.

The manufacturing PMI from the Istanbul Chamber of Industry Turkey, which is the leading indicator of economic growth and is regarded as the fastest and most accurate reference for manufacturing industry performance, increased to 48.1 in December. Although the aforementioned data shows that operating conditions are still slowing down, it was the highest level since June and demonstrated that the performance of the sector was deteriorating at a modest rate.

New orders climbed in half of the 10 sectors measured by the Istanbul Chamber of Industry Turkey Sectoral PMI survey in December. Additionally, there was an increase in output. The sector with the greatest rise in new orders was electrical and electronic products. The number of new export orders was only able to rise in three areas. There were now six different industries that had a rise in employment. All of the tracked sectors saw an increase in input costs, although in five of them, the rate of increase slowed. Most industries have seen a reduction in supplier lead times.

In December, the decline in the production of the manufacturing industry decelerated and was recorded at its most moderate level since February 2022. Similarly, input purchases decreased much less than in November. These signs of improvement also played a role in employment expansion for the second month in a row. The increase in the employment level was recorded at the high rate of the last 10 months.

Source: Istanbul Chamber of Industry Turkey
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