ANKARA (dpa-AFX) - Turkey's manufacturing sector expanded for the first time in twenty-two months in January, survey data from IHS Markit showed on Monday.
The Istanbul Chamber of Industry Turkey Manufacturing purchasing managers' index, or PMI, rose to 51.3 in January from 49.5 in December. Any reading above 50 indicates expansion in the sector.
New orders expanded in January and new export orders increased, ending a five-month sequence of moderation. Manufacturers raised production for the third month in a row and the output increased at the fastest pace in two years.
Backlogs of work reduced in January in spite of a rise in new orders. Firms used inventories to meet new business which led to a sharpest decline in stocks of finished goods since July.
Employment rose for the first time in three months in January and purchasing activity rose at a solid pace, and was the fastest since February 2018.
Input prices rose at the fastest pace in six months in the beginning of the year and the rate of inflation was below the series average. The output prices rose at a modest pace, albeit the fastest since June last year.
Copyright RTT News/dpa-AFX
© 2020 AFX News
