Istanbul Chamber of Industry Announces Turkey and Istanbul Manufacturing PMI Reports for June 2017
The Istanbul Chamber of Industry's Turkey Manufacturing PMI (Purchasing Managers Index) increased to 54.7 in June, indicating the strongest improvement in the operating conditions of the Turkish manufacturing industry since November 2013.
The Istanbul Chamber of Industry Istanbul Manufacturing PMI stood at 52.2 in June, indicating a sustained and strong overall improvement in operating conditions.
Acknowledged as the fastest and the most reliable reference for the manufacturing industry’s performance, a key indicator for economic growth, the Istanbul Chamber of Industry's Turkey and Istanbul Manufacturing Industry PMI (Purchasing Managers Index) survey results for June 2017 have been published.
According to the survey results, where every reading above the 50.0 threshold value is considered as an indicator for improvement, after hitting a 53.5 in May, the Istanbul Chamber of Industry's Turkey Manufacturing PMI climbed to 54.7 in June. As a result, Turkish manufacturing industry has achieved the strongest level of overall improvement in operating conditions since November 2013. Therefore, the headline PMI measured above its long term average of 50.7 for the fourth consecutive time. The increase in PMI resulted from higher growth in new orders, production and employment. This overall improvement in the operating conditions of the manufacturing industry resulted from the highest increase in the orders since February 2011. Furthermore, regarding the manufacturers, the increase in production and employment recorded their highest for periods of 43 months and 29 months, respectively. Thus, companies had an opportunity to ease their backlog in spite of the high rate of increase in new assignments. The latest survey also showed that inflation pressures in the industry have further declined.
Trevor Balchin, IHS Markit Senior Economist, commented on the the Istanbul Chamber of Industry’s Turkey PMI Manufacturing survey results for June: "The trend of increase in Turkish manufacturing industry's PMI continued in June, indicating that the overall performance of the industry has been the strongest over a period of more than three and a half years. More significantly, new orders recorded their highest increase over a period of more than six years. This improvement is a positive sign for the third quarter. In the latest industry production release, 6.7% annual growth in April confirms the PMI's strength."
Istanbul Manufacturing PMI hits 52.2 in June
The Istanbul Chamber of Industry's Istanbul Manufacturing PMI, securing a 53.3 in May, measured at 52.2 in June. The index indicates a continuing and strong overall improvement in operating conditions. PMI measured above its long-term average (since January 2006) of 50.5 and the second highest since November 2014. In June, four out of five sub-indexes made a positive contribution to the headline PMI, with the sole exception of the input inventories sub-index. The decrease in PMI relative to May resulted from the low rate of increase recorded in new orders, production and employment. However, compared to previous averages; new orders, production and employment had a strong level of growth and the suppliers' delivery time continued to increase. New assignments had the second highest growth rate since February 2014. Production increased for the fourth consecutive month in June. Thus, this has been the longest uninterrupted trend of increase in the last two and a half years.