Turkey's manufacturing index jumps to 6.5 year-high

By Dilara Zengin

ANKARA (AA) - The Purchasing Managers’ Index (PMI) for Turkey's manufacturing sector stood at 55.3 points in August, hitting its highest level since March 2011, according to a report released by the leading financial analysis company, IHS Markit, on Tuesday.

"The latest PMI survey data from Istanbul Chamber of Industry and IHS Markit signalled the strongest improvement in manufacturing operating conditions in Turkey in over six years in August," the report said.

The PMI report showed a 1.7-point increase, up from 53.6 points in July.

"Growth rates for output, new orders, purchasing and employment all accelerated since July, with output also expanding at the sharpest rate since March 2011," it said, adding the latest survey revealed a slight strengthening of inflationary pressure in the sector.

IHS Markit Senior Economist Trevor Balchin said that the Turkish manufacturing sector "moved up a gear" in August with the "strongest overall improvement in business conditions" in nearly six-and-a-half years.

"This was reflected in faster growth of output, new orders and jobs in the sector," he said.