March 2 (SeeNews) - Turkey's purchasing managers' index (PMI) for the manufacturing sector increased to 52.4 in February from 51.3 the previous month, the Istanbul Chamber of Industry said.
The improvement, driven by solid rises in both output and new orders, was the fastest upswing in business conditions across the Turkish manufacturing sector in the last two years, the organisation said in a report prepared in cooperation with London-based data firm IHS Markit.
Employment grew at the strongest rate in the review period since February 2018.
“The increase in output required faster hiring and resulted in a solid rise in staff numbers. These positive results suggest that the sector could be starting a sustained period of growth", Eliot Kerr, economist at IHS Markit, noted in the report.
The Istanbul Chamber of Industry Turkey Manufacturing PMI is an indicator of manufacturing performance derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. Any figure greater than 50.0 indicates an overall improvement of the sector.