Turkey: Manufacturing PMI signals strong improvement

ISTANBUL

The Purchasing Managers' Index (PMI) for Turkey's manufacturing sector rose to 54.4 in January, signaling the most robust improvement in business conditions since July 2020.

The index was up from 50.8 in December, according to a report by the Istanbul Chamber of Industry on Monday prepared in cooperation with London-based global data firm IHS Markit.

"Output, new orders and exports all returned to growth, while the rate of job creation quickened to the fastest in just over three years," the report noted.

Andrew Harker, Economics Director at IHS Markit, said in the report that optimistic developments on vaccinations against the novel coronavirus had affected the economic outlook positively.