Turkish firms enjoy quickest improvement in business conditions for 2 years thanks to solid rises in output, new orders
In Turkey, Purchasing Managers’ Index (PMI) for the manufacturing sector posted the strongest reading of the last two years in February.
According to the Istanbul Chamber of Industry PMI Manufacturing Index report, prepared in cooperation with London-based global data firm IHS Markit, the index rose to 52.4 last month thanks to solid rises in both output and new orders.
The February figure indicated the fastest improvement in operating conditions across the Turkish manufacturing sector since February 2018.
Employment grew at the strongest rate in the same period, the report said.
Pointing to surge in demand which led to accelerated production growth, Eliot Kerr, an economist at IHS Markit, said the increase in output required faster hiring and resulted in a solid rise in staff numbers.
“These positive results suggest that the sector could be starting a sustained period of growth,” Kerr noted.