Photo: Markit, HSBC
Turkey’s manufacturing PMI came in at 52.3.”After remaining in contraction territory for two months, business conditions in Turkey improved in April,” said economist Murat Ulgen. “The PMI index rose by more than two points to a five month high.”
- PMI rises to five-month high
- Moderate growth of output and new orders
- Input prices rise at quickest pace since last November
The second quarter of 2012 began on a more positive note compared to the end of the first quarter for Turkish manufacturers. Declines were recorded across a number of monitored variables during February and March, but April data showed that output, new business, and buying activity all returned to growth. Reports indicated that the rise in activity reflected stronger demand, amid an improved economic environment.
The seasonally adjusted HSBC Turkey Manufacturing PMI™ – a composite indicator designed to provide a single-figure snapshot of the performance of the manufacturing industry – registered 52.3 in April, moving above the 50.0 no-change threshold for the first time since January. The latest reading indicated a moderate improvement in the operating conditions of the Turkish manufacturing sector.
Overall new business expanded for the first time since the beginning of Q1. Furthermore, the rate of increase was the sharpest since last November. Where new orders rose, panellists generally attributed this to strengthening demand.
Reflecting the trend in new business, manufacturing production increased for the first time in three months in April. Output growth was moderate on the month.
Despite the rise in new orders, the latest data suggested that Turkish manufacturers continued to operate with a degree of spare capacity. Outstanding business fell at a solid rate.