Turkey's manufacturing index at highest since July 2018

By Tuba Sahin

ANKARA (AA) - Purchasing Managers’ Index for the Turkish manufacturing sector was 47.2 in March, highest since July 2018, according to a report released Monday by IHS Markit, a leading financial analysis company.

IHS Markit report drawn up from data from an Istanbul Chamber of Industry PMI Manufacturing Index showed a 0.8-point advance from the previous month, inching closer to stabilization.

Turkey's PMI for the manufacturing sector is seen as an important gauge in tracking the health of the sector, with values below 50 points showing contraction while above indicates expansion.

While operating conditions have now moderated on a monthly basis throughout the last year, the latest slowdown was weaker than the average over this sequence, the report said.

"There appears to be light at the end of the tunnel in the Turkish manufacturing sector, with both output and employment scaled back at the slowest rates since mid-2018," Andrew Harker, associate director of IHS Markit, said.

Citing that securing new orders remains a key challenge for firms amid ongoing "demand difficulties", Harker said the sector in general looks to be moving towards stabilization.