Istanbul Chamber of Industry (ICI) Released December 2023 Report on Developments in the Global Manufacturing PMI

• 05.01.2024
• News

Istanbul Chamber of Industry (ICI) released December 2023 Report on the developments in the Global Manufacturing Purchasing Managers’ Index (PMI) in the World. The Global Manufacturing PMI fell to 49.0 in December, down from 49.3 in November.

The fourth quarter average of the index became 49.0, almost no change from the previous quarter (48.9). The annual average of the index was realized as 49.2 in 2023 down from 51.2 in 2022.

Output, new orders and employment all fell at faster rates at close of 2023. Although rates of increase in both input costs and output charges remained relatively mild, they nonetheless accelerated slightly over the month. Still it was observed that manufacturers are more optimistic for the future 12-month period. Manufacturing production contracted in December with the latest decline centred on the intermediate goods sector. In contrast, producers of consumer goods saw expansions. Capital goods on the other hand gave the signals of recovery. In 20 out of the 31 countries for which Manufacturing PMI data were available, the index fell in December in comparison to the previous month and the number of countries posting below the 50.0 no-change mark rose to 23 from 22.

The details of the report are as follows: