Turkey’s manufacturing sector rose at a faster pace in January, survey results from IHS Markit showed on Monday.
The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers’ Index rose to 54.4 in January from 50.8 in December.
Output expanded in January and new orders grew for the first time in three months which led to the rise in production due to Covid-19 vaccine news.
New export orders grew in January and firms increased staffs, with the rate of job creation fastest since December 2017. Suppliers’ delivery time lengthened.
Input costs continued to rise sharply in January, with the rate of inflation easing to the lowest in six months. Output charges rose sharply, albeit at a softer pace.
“As with economies all over the world, the near-term fortunes of the sector will depend on developments related to the pandemic and vaccine roll-out,” Andrew Harker, economics director at IHS Markit, said.
The material has been provided by InstaForex Company – www.instaforex.com