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Financial News: Turkey Manufacturing Sector Improves Further

Turkey Manufacturing Sector Improves Further

09/01/2020 - 07:14:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector improved for the third straight month in August, albeit at a slower pace, survey data from IHS Markit showed on Tuesday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, fell to 54.3 in August from 56.9 in July. Any reading above 50 indicates expansion in the sector.

New orders rose at the fastest pace in two-and-a-half years in August. New export orders increased at a slower pace than total new business.

Production rose for the third straight month in August and higher output requirement led to the rise in employment for the third month in a row.

Backlogs of work remained broadly unchanged in August and new order growth led to an increase in the purchasing activity.

Stocks of purchase rose marginally as inputs were used to increase production in August.

Input cost accelerated in August and the rate of inflation quickened to the strongest since October 2018. Selling prices rose to the most in twenty-three months.

"Turkish manufacturers were able to largely sustain the strong pace of growth seen in the previous month during August, with the latest PMI data suggesting that the sector continued to make inroads into the output lost during the COVID-19 downturn," Andrew Harker, economics director at IHS Markit, said.

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