Bouncing back from the devastating impacts of the COVID-19 outbreak, Turkey's manufacturing industry showed a robust recovery in January.
Recording the highest level since last July, Turkey's Purchasing Managers' Index (PMI) for the manufacturing sector, compiled jointly by IHS Markit and the Istanbul Chamber of Industry, rose from 50.8 in December 2020 to 54.4 in January 2021. The largest production increase was seen in base metal manufacturers and the land and sea vehicles sector.
According to the survey, output returned to growth in January following a two-month sequence of moderation caused by a renewed wave of the COVID-19 pandemic and higher new orders and positive COVID-19 vaccine news contributed to the rise in production.
“Latest PMI data highlighted a positive start to the year for the Turkish manufacturing sector, with output and new orders returning to growth amid reducing COVID-19 case numbers. The key highlight from the latest survey was a sharp rise in employment as firms boosted workforce numbers to meet production requirements," notes Andrew Harker, Economics Director at IHS Markit.