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Financial News: Turkey Manufacturing Sector Expands In February

Turkey Manufacturing Sector Expands In February

03/02/2020 - 07:07:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector grew in February, amid a rise in new orders, output, jobs, suppliers' delivery times and stocks of purchases, survey data from IHS Markit showed on Monday.

The Istanbul Chamber of Industry Turkey Manufacturing purchasing managers' index, or PMI, rose to 52.4 in February from 51.3 in January. Any reading above 50 indicates expansion in the sector.

The latest improvement was the fastest since February 2018.

New works increased at the quickest pace in two years in February. The pace of growth accelerated to the fastest in nearly two years.

Employment level grew at the strongest rate since February 2018.

On the cost front, input prices continued to rise in February and the rate of inflation was the sharpest for eight months. Output prices increased and was the rate of inflation was the quickest since June last year.

"Turkish manufacturers enjoyed a fruitful month in February, as a surge in demand led to accelerated production growth and the quickest improvement in business conditions for two years," Eliot Kerr, economist at IHS Markit, said.

"These positive results suggest that the sector could be starting a sustained period of growth," the economist added.

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