Turkey: Manufacturing index at 44.3 points in October

By Jeyhun Aliyev

ANKARA

Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector stood at 44.3 points in October, according to a closely-watched business survey on Thursday.

An Istanbul Chamber of Industry PMI Manufacturing Index report conducted in cooperation with IHS Markit showed a 1.6-point month-on-month rise in October pointing to a further easing of the health of the sector.

While the PMI rose for the first time since July, the survey showed that the output, new orders employment moderated to lesser extents in October.

"A more stable exchange rate scenario led rates of inflation for both input costs and output prices to slow markedly over the month," the report read.

The survey revealed that the latest slowdown was less marked last month compared to September, while the output prices rose at the weakest pace since March.

"A stabilization of the lira exchange rate helped lead to a marked slowdown in the rate of input cost inflation in October," it added.

The report also noted that new export orders eased to a greater extent for the second month running.

A reading greater than 50 indicates the sector is growing, while a reading below 50 signals a contraction.