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Financial News: Turkey Manufacturing Sector Continues To Improve In Octobe

Turkey Manufacturing Sector Continues To Improve In October

11/02/2020 - 03:53:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sectora activity continued to increase in October, survey data from IHS Markit showed on Monday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, rose to 53.9 in October from 52.8 in September. Any reading above 50 indicates expansion in the sector.

New orders rose for the fifth straight month in October and export demand expanded.

Firms increased their production volumes in October. Output and delivery of production rose and backlogs of work fell for the third straight month.

Staffing level increased in October and the rate of job creation quickened to the strongest since February 2018.

Purchasing activities increased in October, while stocks of inputs declined.

Input costs and output prices rose sharply in October as the Turkish lira weakened further. Input costs rose at the fastest pace in two years.

"In fact, IHS Markit now expects industrial production to fall just 0.8 percent over the course 2020 despite the collapse in output earlier in the year due to COVID-19," Andrew Harker, economics director at IHS Markit, said.

"This positive picture is all in spite of ongoing currency weakness which is causing inflationary pressures to build," Harker added.

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