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Financial News: Turkey Manufacturing Growth Rises In August

Turkey Manufacturing Growth Rises In August

09/01/2021 - 11:40:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity increased marginally in August, survey results from IHS Markit showed on Wednesday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index rose to 54.1 in August from 54.0 in July. Any reading above 50.0 indicates expansion in the sector.

Business conditions strengthened for the third straight month in August and new orders increased further.

New export business increased sharply in August and production grew for the third month in a row.

Purchasing activity and employment increased in August. Backlogs of work remained unchanged for the second consecutive month.

Input prices and output costs increased in August. Inflationary pressure eased during the month.

"Firms will be hoping that some of these constraints start to ease over the course of the rest of the year so that their full growth potential can be realized," Andrew Harker, economics director at IHS Markit, said.

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