Manufacturing PMI Raised to 52.4 in February, Maintaining the Threshold in the Second Month

Manufacturing PMI Raised to 52.4 in February, Maintaining the Threshold in the Second Month

Istanbul, according to the Chamber, the manufacturing industry performance is a leading indicator of economic growth, the fastest and most reliable reference adopted by Turkey Manufacturing PMI (Purchasing Managers Index) of 52.4 was held rose superimposed on the second-month threshold in February. PMI pointed to the fastest improvement of the last two years in the operating conditions of the Turkish manufacturing industry. While the improvement in operating conditions stemmed from the marked increase in new orders, firms stated that demand from customers has strengthened. The economic growth of the leading indicator of manufacturing performance in the fastest and most reliable reference adopted by the Istanbul Chamber of Industry (ISO) Turkey Manufacturing PMI (Purchasing Managers Index) survey was announced in February 2020 period results. According to the threshold value 50,0'n on all measured figures in the sector improvement, it pointed out that the survey results, ICI Turkey Manufacturing PMI measured 51.3 in January to 52.4, rising on top in February, took place on the second-month threshold. PMI indicated the fastest improvement in the operating conditions of the Turkish manufacturing industry since February 2018. While the improvement in operating conditions stemmed from the marked increase in new orders, firms stated that demand from customers has strengthened. The strongest increase in the last two years was recorded in the new orders. Due to the improvement in demand conditions, manufacturers increased production in February. The increase was at the highest speed in a period of nearly two years. With this development, the current expansion trend in production reached the fourth month. Employment has grown strongly in the last survey period since February 2018. The survey participants stated that the main source of the growth in the number of employees is the increase in production requirements. On the cost side, the input prices of Turkish manufacturers continued to increase. Input prices inflation was the highest in the past eight months. Many of the survey participants explained the increase in cost burdens with the depreciation of the Turkish lira against the dollar. Finally, firms chose to reflect some of their cost increases to customers, thus increasing the average product prices in February. The increase in question has been the highest and significant since last June.