MANUFACTURING PMI AT 50.4 IN FEBRUARY

The Istanbul Chamber of Industry (ICI) Turkey Manufacturing PMI (Purchasing Managers Index) dropped by 0.1 points to 50.4 points in February, compared to the previous month. The PMI was down fractionally from 50.5 in January, but still above the 50.0 no-change mark, as has been the case in each of the past nine months. Total new orders softened for the fifth month running, and to the greatest extent since May last year as price rises and market uncertainty deterred customers. Input costs continued to increase drastically in February amid higher prices for raw materials, energy, transportation, and wages. “Despite the headline PMI remaining above 50.0, Turkish manufacturers continued to face a range of issues in February, thereby leading production to remain moderate,” the ICI said.