Turkish manufacturing sector begins 2023 positive

By Gokhan Ergocun

ISTANBUL (AA) – The Turkish manufacturing sector's purchasing managers' index (PMI) in January 2023 moved back to above the 50 level, which is in the positive side.

According to data provider S&P Global, the PMI was at 50.1 in January, up from 48.1 in December 2022.

"The latest PMI signaled stability in the health of the Turkish manufacturing sector in the opening month of 2023," it noted.

While both output and new orders moderated in the month, employment rose for the third month running but the higher minimum wage caused cost pressures, S&P Global said.

Andrew Harker, economics director at S&P Global, said: "The latest PMI data suggest that the Turkish manufacturing sector could soon be set for a return to growth."

He added that business conditions were stable in the month while new orders signaled improving demand for the coming months.