MANUFACTURING PMI HITS AN 8̞MONTH LOW

The Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI (Purchasing Managers Index) posted 50.5 in January, down from 52.1 in December 2021. Thus, the manufacturing PMI fell to its lowest level in the last eight months. However, the headline PMI remained above the threshold of 50.0 with the support of employment and suppliers’ delivery times indices. Turkish manufacturers emphasized strong inflationist pressures stemming from TRY devaluation. Input costs continued to rise sharply, although the rate of inflation slowed from the record posted in December. Ongoing price pressures led to companies having difficulties in securing new orders. Thus, total new orders slowed for the fourth successive month in January.