The Manufacturing PMI prepared by Markit for Istanbul Chamber of Industry (İSO) is above 50, which has been pointing to a growth. The index signaled a fourth successive monthly improvement, according to Markit and İSO.
“The Turkish manufacturing sector remained in expansion mode in February, in contrast to the downturn experienced one year earlier. That said, there was a further loss of momentum since the end of last year, as the regional geopolitical landscape continued to undermine export demand. Reflecting weak growth of new work, firms adopted a cautious approach to purchasing activity” commented Trevor Balchin, Senior Economist at Markit.
Meanwhile, new orders sub-index kept falling in Jan. and dropped from 50.5 to 50.3. New export orders sub-index shrunk again in the second month in a row, due to regional geopolitical developments. The index increased from 47.8 to 49.6, but remained under the 50 level.
The Manufacturing Purchasing Managers' Index (PMI) is a composite index based on five of the individual indexes with the following weights New Orders , Output , Employment , Suppliers' Delivery Times, Stock of Items Purchased , with the Delivery Times Index inverted so that it moves in a comparable direction.