Turkish Manufacturing activity continues to improve in December

  • 2 years ago

Factory activity in Turkey expanded in December as firms hired more staff to enlarge their capacity despite a slowdown in actual output and new orders amid lira swings, a survey showed on Monday.

The Purchasing Managers’ Index (PMI) for manufacturing ticked up to 52.1 in December from 52 a month earlier, data from the Istanbul Chamber of Industry (ISO) and IHS Markit showed.

Continued job creation was one of the factors behind the latest improvement in business conditions. Employment rose for the 19th successive month, and at a solid pace that was the fastest since August.

“Cost pressures hampered operations across the Turkish manufacturing sector in December. Record rises in input costs and selling prices deterred customers from committing to new orders,” said Andrew Harker, economics director at IHS Markit.

“Alongside the potential issues caused by the emergence of the omicron variant of the COVID-19 pandemic, the sector begins 2022 in a challenging position.”

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