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Financial News: Turkish Manufacturing Contraction Softens In December

Turkish Manufacturing Contraction Softens In December

01/02/2023 - 07:27:00 (RTTNews)

(RTTNews) - The downturn in the Turkish manufacturing sector eased, and signalled some tentative signs of improvement at the end of the year, survey results from S&P Global showed on Monday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index climbed to 48.1 in December from 45.7 in November. Any reading below 50.0 indicates contraction in the sector.

The improvement in the PMI reading in December was evident in terms of demand, with total new orders slowing to the least extent in almost a year.

Production also fell at the slowest pace since February. Input buying moderated to a much softer extent than in November, while firms raised their staffing levels at the sharpest pace in ten months.

In terms of prices, input price inflation moderated in December after reaching a three-year low in November. 

"While demand remains fragile, particularly internationally, cost pressures are not as extreme as earlier in 2022 and supply chain conditions are improving, hopefully providing a tailwind to the sector heading into 2023," Andrew Harker, economics associate director at S&P Global, said.

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