Factory activity in Türkiye was highly neutral in March, signaling unchanged operating conditions for Turkish manufacturers during the month, a closely watched business survey showed Monday.
The headline Purchasing Managers’ Index (PMI) slipped slightly to the 50.0 no-change mark in March from 50.2 in February, data provider S&P Global’s monthly report, prepared in collaboration with the Istanbul Chamber of Industry (ISO), said.
The report indicated that business conditions were stable overall during the month.
The PMI is a key economic indicator that provides insight into the health of the manufacturing industry. A reading above 50 indicates expansion, while a below 50 suggests contraction.
Manufacturing output grew fractionally in March, while new orders and employment eased marginally but neared stabilization.
New orders eased to the smallest extent in nine months, encouraging some firms to expand production and increase purchasing activity in March.
Inventories continued to moderate, however, with stocks of both purchases and finished goods scaled back at the end of the first quarter. Some firms experienced delays in receiving inputs as a result of disruption in the Red Sea, with lead times lengthening for the third month running.
Evaluating the data, S&P Global Market Intelligence Economics Director Andrew Harker said: “March was a month of stability for Turkish manufacturers. New orders continued the recent move towards stabilization and this improving picture prompted further modest increases in output and purchasing.”
“If the recent trend in demand continues, we should hopefully see growth building momentum as we go through the second quarter of the year,” he added.
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