Turkey's manufacturing index jumps to 6.5-year high

Published 05.09.2017 22:39

The Purchasing Managers Index (PMI) for Turkey's manufacturing sector stood at 55.3 points in August, hitting its highest level since March 2011, according to a report released by the leading financial analysis company IHS Markit yesterday.

"The latest PMI survey data from the Istanbul Chamber of Industry and IHS Markit signaled the strongest improvement in manufacturing operating conditions in Turkey in over six years in August," the report said.

The PMI report showed a 1.7-point increase, up from 53.6 points in July.

"The growth rates for output, new orders, purchasing and employment have all accelerated since July, with output also expanding at the sharpest rate since March 2011," it said, adding the latest survey revealed a slight strengthening of inflationary pressure in the sector.

IHS Markit senior economist Trevor Balchin said that the Turkish manufacturing sector "moved up a gear" in August with the "strongest overall improvement in business conditions" in nearly six-and-a-half years."This was reflected in faster growth of output, new orders and jobs in the sector," he said.

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