Türkiye's manufacturing PMI at 6-month high in December 2022

By Tuba Sahin

ANKARA (AA) – Türkiye's purchasing managers' index (PMI) for the manufacturing sector increased to a six-month high in December, according to a closely watched business survey released on Monday.

The manufacturing PMI rose to 48.1 in December 2022 from 45.7 in November 2022, signaling modest softening in the health of Turkish manufacturing sector, showed data provider S&P Global's monthly report, prepared in collaboration with the Istanbul Chamber of Industry.

Despite a significant hike from a month ago, the figure was below the 50 no-change mark for the 10th month in a row.

Output and new orders posted softer moderation in December, while employment had increased at the fastest pace since February.

Inflationary pressures remained much softer than earlier in the year, the data showed.

Andrew Harker, economics director at S&P Global, said: "While demand remains fragile, particularly internationally, cost pressures are not as extreme as earlier in 2022, and supply chain conditions are improving, hopefully providing a tailwind to the sector heading into 2023."