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Financial News: Turkey Manufacturing Growth Highest Since February 2011

Turkey Manufacturing Growth Highest Since February 2011

08/04/2020 - 08:09:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector expanded in July at the fastest rate since February 2011, due to the recovery from the disruption caused by the Covid-19 pandemic, survey data from IHS Markit showed on Tuesday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, rose to 56.9 in July from 53.9 in June. Any reading above 50 indicates expansion in the sector.

New orders increased for the second straight month in July with the rate of expansion fastest since the survey began in June 2005. New export orders rose, albeit to a lesser extend.

Production increased at the fastest rate since February 2011 and output rose for the second month in a row.

Backlogs of work rose since August 2017. Employment and purchasing activity increased in July due to higher production requirements.

Delivery times lengthened in July with restrictions on transportation due to Covid-19 pandemic and rising inputs.

Input prices rose sharply in July, though at a softer pace, and output price inflation quickened.

"The PMI data at the start of the second half of the year provides optimism that the recovery from the COVID-19 downturn is solidifying," Andrew Harker, economics director at IHS Markit, said.

"Growth will help to claw back some of the output lost during the downturn, but will have to be sustained for a longer period for a full recovery to be secured," Harker said.

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