Turkey's manufacturing PMI at 52.1 at end of 2021

05 Jan '22

1 min read

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Turkey’s manufacturing purchasing managers’ index (PMI) stood at 52.1 at the end of 2021, according to figures released recently by the Istanbul Chamber of Industry and London-based data analytics firm IHS Markit. Slightly up from November, manufacturing PMI in the country hovered above the threshold level for the seventh month in a row in December.

Job creation was one of the factors behind the latest improvement in business conditions, a joint report by the two organisations said. “Employment rose for the 19th successive month, and at a solid pace that was the fastest since August,” it said.

Demand and production were moderated amid intense price rises, the report said pointing to the negative impact of inflationary pressures on the Turkish manufacturing sector in December.

Input costs rose at the sharpest pace since the survey began in mid-2005, as “firms indicated that lira depreciation was the principal factor pushing up cost burdens,” it added.

With customers deterred by rising prices, total new orders moderated for the third consecutive month, while new export business continued to expand amid improving international demand.

The country’s annual inflation rose to a 19-year high of 36.08 per cent in December, according to the Turkish Statistical Institute.

ALCHEMPro News Desk (DS)

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