Turkish export orders rise most in almost 7 years
Turkey saw the strongest rise in new export orders since February 2011, helping the country’s PMI Manufacturing Index rise for the 10th consecutive month.
The PMI, a composite single-figure indicator of manufacturing performance, climbed to 54.9 in December from 52.9 the previous month, according to the survey, conducted by the Istanbul Chamber of Industry and IHS Markit, published on Tuesday.
"Panelists reported higher demand from both home and abroad, with growth of new export orders at a near seven-year high," a statement accompanying the data said. "This in turn supported stronger increases in output, employment and purchasing activity."
The index is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. Any figure greater than 50.0 indicates overall improvement of the sector.
"Strong production growth was supported by a further rise in employment during the month, with staffing levels increasing at the quickest pace since March 2011. This expanded capacity enabled firms to work through outstanding business. Rising new orders also encouraged manufacturers to increase their purchasing activity in December," the statement said.