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Turkish manufacturing activity expands in May

Middle East

01-06-2023 | 04:32

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Turkish manufacturing activity expands in May

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Turkish factory activity expanded further in May, as new orders and output rose and firms increased purchasing activity and staffing levels, a survey showed on Thursday.

The Purchasing Managers' Index (PMI) for manufacturing stood at 51.5 last month unchanged from April, staying above the 50-point line that separates expansion from contraction, the Istanbul Chamber of Industry and S&P Global said.

The survey reported widespread rising demand and, in turn, manufacturers increased production volumes, the panel said. Some respondents said they were just resuming operations after February's earthquakes.

Firms increased staffing for first time in three months, to be able to keep on top of the workload and reduce backlogs, it said.

Although input costs continued to rise, usually linked to currency weakness, the rate of inflation eased, it said, adding that the pace of the increase in selling prices also softened.

"The gradual recovery of the Turkish manufacturing sector...remained on track in May," said Andrew Harker, economics director at S&P Global Market Intelligence.

"Helping firms respond to greater new business volumes was a renewed increase in employment as firms were able to make progress on building up workforce numbers. There was more respite on the price front, with inflationary pressures moderating."

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