Turkey’s manufacturing activity at 11-month high

ANKARA

Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector reached 11-month high in June, according to a monthly business survey on Monday.

The PMI report of Istanbul Chamber of Industry, conducted in cooperation with the London-based global data firm IHS Markit, showed that the PMI was at 47.9 last month, up 2.6 points from May's index value of 45.3.

"Business conditions in the Turkish manufacturing sector moderated to the least extent in almost a year during June.

"New export orders returned to growth, helping lead to a much weaker slowdown in total new business," it said.

The PMI report also stated that central to the pick-up in the headline figure was a much softer moderation of new orders, which slowed to the weakest extent in 14 months.

"In turn, total new business was boosted by a first rise in new export orders since February amid reports of improving customer demand in international markets," it added.

The manufacturing PMI -- derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases -- is a composite single-figure indicator of manufacturing performance.

An index value above 50 indicates the sector is growing, while a figure below 50 signals a contraction.