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Financial News: Turkey Manufacturing Sector Contraction Slows In November

Turkey Manufacturing Sector Contraction Slows In November

12/02/2019 - 04:24:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector contraction slowed in November as production grew for the first time in one-and-a-half years, survey data from IHS Markit showed on Monday.

The Istanbul Chamber of Industry Turkey Manufacturing purchasing managers' index, or PMI, rose to 49.5 in November from 49.0 in October.

Any reading below 50 indicates contraction in the sector.

"Although only fractional, the rise demonstrates improved confidence among firms that market conditions are on an upward trajectory," IHS Markit Associate Director Andrew Harker said.

"Based on the relationship between the PMI and official industrial production data, we should be looking at year-on-year growth in production when November figures are released."

Improved market conditions saw production grow for the first time since April 2018.

New orders continued to decline, albeit at a softer pace, in November due to fragile client demand. New export business also decreased at a slower rate.

Backlogs of work eased further in November, while firms scaled back their workforce numbers after two months of hiring.

The rate of input cost inflation eased to the lowest in fifty-eight months in November. Output prices were lowered for the third straight month in November.

Purchasing activity stabilized in line with production requirements, thereby ending a 19-month sequence of moderation, the survey reported.

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