October PMI data signalled a further increase in production at Turkish manufacturing firms. New orders rose, although at a slightly slower pace than seen in September, meanwhile, workforce numbers increased at the sharpest rate in eight months, Markiteconomics said on Friday.
The seasonally adjusted Turkey Manufacturing PMI registered 53.3 in October, down slightly from September’s eight-month high of 54.0. Operating conditions in the sector improved for the third month in succession, according to a survey by Markiteconomics.
Export orders rose for a third month in a row, however, only marginally, Markiteconomics also said. Workforce numbers rose at the fastest pace in eight months during October as companies reported higher production requirements.
Cost pressures persisted into October, but the rate of inflation eased markedly from the previous survey period. Driven by the delivery of products to clients, stocks of finished goods fell in October. The rate of stock depletion, eased however, and was marginal overall, according to the survey.
In line with the trends for output and new orders, companies reported a further rise in purchasing activity during October and stocks of purchases accumulated for a second successive month, Markiteconomics said.
The headline real sector confidence index, an indicator of business sentiment, fell to 107.5 in October from 108.5 points in September, the Central Bank said last month. Despite deterioration in business sentiment, the consumer confidence index rose 4.8% m/m to 75.5 points in October from its eleven-month low of 72.1 in September. Also in October, the manufacturing capacity utilisation rate rose to 76.4% from 75.4% in the previous month. Recall that, last month the Turkish government cut its 2013 GDP growth estimate to 3.6% from a previous 4% and lowered growth forecast for next year to 4% from a previous 5%.
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