Turkish manufacturing PMI survey signalled an on-going modest deterioration in business conditions in the sector in February, Markit said on March 2, noting that lacklustre market conditions were also compounded by severe winter weather during the month, resulting in a steeper drop in output than in January and longer supplier delivery times.
The headline HSBC Turkey Manufacturing PMI registered below the no-change mark for the second straight month in February, and fell slightly to 49.6 from 49.8 in January, said Markit which compiles the survey. That was the lowest figure in seven months, but signalled only a marginal overall deterioration in business conditions in the goods-producing sector, according to Markit.
The contraction in new orders eased slightly and firms continued to add to payrolls at a robust, albeit slower, pace, said Markit, adding that inflation of both input and output prices accelerated during February, but remained relatively subdued despite the weakening lira.
Here are the main points from the February PMI survey:
* Manufacturing output fell for the second month running in February
* The volume of new orders also decreased for the second successive month in February but the rate of decline eased slightly since January and was modest
* New export orders followed a similar trend to that shown for total new work. With incoming new business continuing to fall, firms completed existing work at the fastest rate since July 2013
* Severe winter weather impacted on supplier operations in February
* Input price inflation rose to a three-month high in February, linked to the weaker lira driving up import prices
* Input price inflation remained slower than the long-run survey average, as did inflation of prices charged for final manufactured goods
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