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Financial News: Turkey Manufacturing Growth Hits 82-Month High

Turkey Manufacturing Growth Hits 82-Month High

02/01/2018 - 02:23:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity expanded at the fastest pace in nearly seven years in January, survey figures from IHS Markit and Istanbul Chamber of Industry showed Thursday.

The headline manufacturing Purchasing Managers' Index rose to 55.7 in January from 54.9 in December. Any reading above 50 indicates expansion in the sector.

The upward movement in the headline index was supported by sharp and accelerated output growth.

Output rose at the quickest pace since February 2011 and new orders grew at the sharpest pace in 83 months.

On the price front, cost burdens increased sharply again amid unfavorable exchange rate movements and higher raw material prices. As a result, selling price inflation accelerated to a 1-year high.

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