Turkey's Purchasing Managers Index (PMI) for the manufacturing sector hit 54.9 in December thanks to a solid growth in new orders, according to a closely watched business survey released yesterday.
The London-based global data company, IHS Markit's monthly PMI report, prepared in collaboration with the Istanbul Chamber of Industry, showed manufacturing operating conditions in Turkey continuing to improve for the tenth consecutive month.
"Higher demand from both home and abroad, with the growth of new export orders at a near seven-year high. This, in turn, supported stronger increases in output, employment, and purchasing activity," the report said.
Strong production growth was supported by a further rise in employment during the month, it added.
"The Turkish manufacturing sector saw growth accelerate at the end of 2017, with output and new orders each rising at sharper rates," Gabriella Dickens, an economist at IHS Markit, said in the report.
"Notably, new export orders increased at the fastest pace since February 2011. Higher new orders encouraged firms to increase employment sharply," she added.
In the report, any figure greater than 50 points indicates an overall improvement of the sector. Turkey's PMI has stood at over 50 points since March. It reached 53.5 in September and 52.9 in November.