Istanbul Chamber of Industry Announces Turkey and Istanbul Manufacturing PMI Reports for May 2017
The Istanbul Chamber of Industry’s Turkey Manufacturing PMI (Purchasing Managers Index) increased to 53.5 in May, indicating the strongest improvement in the operating conditions of the Turkish manufacturing industry since December 2013.
Meanwhile, the Istanbul Chamber of Industry’s Istanbul Manufacturing PMI climbed to 53.3 in May, pointing to the strongest improvement in the operating conditions of the sector since February 2014.
The Istanbul Chamber of Industry announced the Turkey and Istanbul PMI (Purchasing Managers Index) manufacturing survey results for May 2017. The survey is recognized as the fastest and the most reliable reference for the manufacturing industry’s performance, a key indicator for economic growth.
According to the survey results, which indicate an improvement in the sector across all readings reaching above the threshold of 50.0, the Istanbul Chamber of Industry’s Turkey Manufacturing PMI hit 53.5 in May, rising above the April PMI measured at 51.7. This climb also unveiled the strongest recovery since December 2013. In May PMI remained above the long term average of 50.7 for the third consecutive time. The increase in PMI resulted from higher growth in production, new orders and employment, as well as the extension in suppliers’ average delivery times. Manufacturing saw the highest increase since February 2014, while new orders exhibited the fastest growth in the last 42 months. New export orders hit the second fastest growth rate in the last three years, whereas the survey results also pointed to a stronger domestic demand. The employment in manufacturing reached the largest increase since February 2015. Input prices inflation, on the other hand, declined to its lowest since September 2016.
Trevor Balchin, IHS Markit Senior Economist, commented on the Istanbul Chamber of Industry’s Turkey PMI Manufacturing survey results for April: “Turkish manufacturing industry achieved a higher growth rate in May and the operating conditions of the sector marked the strongest improvement since December 2013. While we witnessed a faster growth in manufacturing, new orders, export and employment, Backlog Index revealed the pressure on capacity utilization. Inflation pressures continued to decline.”
Istanbul Manufacturing PMI up to 53.3 in May
The Istanbul Chamber of Industry’s Istanbul Manufacturing PMI rose to 53.3 in May, climbing above the April PMI of 52.1. The index suggested the strongest improvement in the operating conditions since February 2014. Furthermore, the PMI index exhibited a significant rise above its long-term average (since January 2006) of 50.5. Four out of five sub-indexes (excluding the sub index for input inventories) made a positive contribution to the headline PMI index in May. The rise above the April PMI was driven by new orders and employment sub-indexes.