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Financial News: Turkey Manufacturing Activity Stable In December

Turkey Manufacturing Activity Stable In December

01/02/2020 - 05:06:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector remained stable in December amid further rise in output and a steady outlook for orders, survey data from IHS Markit showed on Thursday.

The Istanbul Chamber of Industry Turkey Manufacturing purchasing managers' index, or PMI, was at 49.5 in December, the same as in November.

A PMI reading below 50 suggests contraction in activity.

Production rose for the second month in a row, albeit modestly, in December and the expansion was stronger than seen in November. Output growth was driven by signs of improvement in orders.

New business remained stable in December and new export orders continued to fall, though the pace was the softest in five months.

The number of workforce was sufficient with the current workloads in December and supported by a further reduction in outstanding business.

Firms improved their purchasing activity in December amid a rise in production requirements. Stock of purchase stabilized for the first time in nearly two years, while the finished goods inventory fell.

The rate of input cost inflation quickened from the previous month, but remained weaker than the series average. The cost burdens increased in December, leading the firms to raise their selling prices, halting the three-month long trend of falling charges.

"While still facing challenging business conditions and a soft international demand environment, manufacturers will be more confident looking ahead to 2020 than when they were ahead of the move into 2019 this time last year," Andrew Harker, associate director at IHS Markit, said.

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