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Financial News: Turkey's Manufacturing Sector Growth Weakens In December

Turkey's Manufacturing Sector Growth Weakens In December

01/04/2021 - 02:28:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector growth weakened in December, survey results from IHS Markit showed Monday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index dropped to 50.8 in December from 51.4 in November.

Although the reading was above the 50.0 neutral, the score pointed to the least marked strengthening of the health of the sector in seven months.

The Covid-19 pandemic and restrictions to prevent its spread led to slowdowns in both output and new orders. New export orders also eased amid a second wave of infections across a number of export markets.

Despite slowdown, manufacturers lifted employment levels for the seventh straight month.

Supply shortages, combined with currency weakness, led to a sharp and accelerated increase in input costs. The rate of inflation was the fastest since September 2018. In turn, output prices climbed sharply, albeit at a slightly slower pace than in November.

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