Turkiye manufacturing slowdown eases in November: S&P Global

The Istanbul Chamber of Industry Turkiye Manufacturing purchasing managers' index (PMI) rose to 48 in November from 46.5 in October, remaining below the 50 threshold yet signalling a slower easing of operating conditions.

Business conditions in Turkiye’s manufacturing sector softened again in November, but the latest downturn was markedly milder, pointing to the least pronounced moderation since February.

Output, new orders and employment all contracted at softer rates compared with the previous month. Production fell for the twentieth consecutive month, though November’s decline was the weakest in nine months. New orders also moderated at the slowest pace since August, but export demand weakened further amid a highly competitive international pricing environment.

Price pressures continued to ease across the sector. Selling prices increased only modestly—the slowest rise in almost a year—supported by a similarly subdued uptick in input costs as raw material inflation cooled. This helped manufacturers limit charge inflation as they attempted to remain competitive.

Employment levels neared stabilisation, slipping only fractionally and at the slowest pace since March. While some firms reduced staffing due to lower output requirements, others reported the need for additional workers, S&P Global said in a release.

Purchasing activity, however, declined sharply, accompanied by steeper reductions in inventories of both inputs and finished goods. Supplier delivery times lengthened slightly, reversing October’s marginal improvement.

"A more muted inflationary environment provided a boost to the Turkish manufacturing sector in November. Input costs and selling prices increased at the slowest rates in 2025 so far, and this coincided with less pronounced moderations across key variables such as output, new orders and employment, the latter of which neared stabilisation. The data provide hope that the turn of the year will see improving fortunes for manufacturers," Andrew Harker, economics director at S&P Global Market Intelligence, said.

ALCHEMPro News Desk (HU)