Highest Manufacturing Rates Since 2011

Highest Manufacturing  Rates Since 2011

According to Istanbul Chamber of Industry (ISO), the headline Purchasing Managers’ Index (PMI) rose to 56.9 in July 2020.

According to the survey data of ISO, the headline PMI in June was 53.9, exceeding the threshold figure of 50 and therefore signaling a recovery in the sector. The July data is the highest noted figure since February 2011. After the recession in March, April, and May, the recent PMI figures point that the country is on its way to a strong recovery. With the ongoing normalization process and the customers restarting their activities, Turkish manufacturers saw an increase in the orders they receive. As the PMI figures indicate, the manufacturing sector is undergoing a revival while many sub-sectors are also experiencing a recovery. 8 sectors out of 10 recorded an increase in the production. In this way, the number of sectors that saw an increase in manufacturing rose to the highest since the post-corona recovery started. 7 sectors out of 10 experienced a boost in the new orders and employment rates rose in 9 out of 10.

Berak Albayrak, the Minister of Treasury and Finance, stated that this is a historic landmark and the country expects a bigger recovery in the second half of the year. 

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