Istanbul Chamber of Industry Announces Turkey and Istanbul Manufacturing PMI Reports for October 2017
In October, Istanbul Chamber of Industry Turkey Manufacturing PMI (Purchasing Managers Index) was recorded at 52,8, signaling the ongoing improvement of the Turkish manufacturing industry’s operating conditions for eight months straight. This also came to be the longest uninterrupted growth trend witnessed since 2014.
Similarly, Istanbul Chamber of Industry Istanbul Manufacturing PMI climbed to 53.0 in October. This figure indicated further improvement of the Istanbul manufacturing industry’s operating conditions, with the rising trend maintained for the seventh consecutive month.
The Istanbul Chamber of Industry announced the Turkey and Istanbul PMI (Purchasing Managers’ Index) Manufacturing survey results for October 2017. The survey is recognized as the fastest and the most reliable reference for the manufacturing industry’s performance, which is a key indicator for economic growth. According to the survey results, which indicate improvement in the sector with all readings reaching above the threshold of 50.0, PMI hit 52.8 in October. Although PMI decreased from 53.5 of September, Turkish manufacturing industry’s operating conditions have improved for eight consecutive months. This also came to be the longest uninterrupted growth trend witnessed since 2014.
The robust growth in new orders had a partial role in this development. Companies increased their production, procurement and employment. Expansion in employment relieved the pressure on production capacities and helped completing the accumulated works. Survey results also pointed to stronger inflationary pressures.
Gabriella Dickens, IHS Markit Economist, commented on the Istanbul Chamber of Industry’s Turkey Manufacturing PMI survey results: “The strong improvement in the Turkish manufacturing sector has carried over to October. This improvement was owed to the increase in new orders through internal and external channels both as well as the expansion in manufacturing. This led companies to increase their capacity through expansion in employment and purchasing activities.”
Istanbul Manufacturing PMI rose to 53.0 in October
In October, Istanbul Chamber of Industry's Istanbul Manufacturing PMI rose to 53.0 from 52.1 in September, indicating further improvement in the operating conditions of the Istanbul manufacturing industry, and the continuation of the seven-month trend. The index was recorded at well above the long-term average of 50.6. The growth in production continued in October at a higher pace than that of September. The uninterrupted growth trend therefore reached its eighth month, marking the longest trend of the past six years. Survey respondents attributed the increase in production to higher demand and the expansion of the customer base.