Turkish manufacturing activity ticks up in February

Factory Output Rises To 14 Month High In February

Factory Output Rises To 14 Month High In February

Turkey's PMI for the manufacturing sector is seen as an important gauge in tracking the health of the sector, with values below 50 points showing contraction while above indicates expansion.

Total new orders edged back to expansionary territory in February at 50.2, compared with January's 47.3 and ending two months' of contraction, with output prices growing for the first time in four months.

However, the National Development and Reform Commission, the country's top economic planning agency, warned this week that infrastructure investment was still under pressure because of a decline in investor confidence. Job positions grew in February, extending a growth trend which started in May 2017, while levels of pending works shrank after a brief increase recorded in January.

"We maintain our view that growth momentum is losing steam, as implied by the lower Caixin and official PMIs in January-February".

"The rise in the Irish index was driven by stronger growth in output and new orders, with firms reporting a pick-up in both domestic and global demand, most notably from the United States and UK", AIB's chief economist Oliver Mangan said.

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"The latest figures suggest that Poland's goods producers are exposed to deteriorating demand conditions in both domestic and export markets, with Germany reported as a key source of weakness", said Trevor Balchin, Director at IHS Markit, which compiles the Poland Manufacturing PMI survey.

"Domestic manufacturing demand improved significantly, and foreign demand was not deteriorating as quickly as previous year", Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said in a commentary accompanying the data release.

The pressure on manufacturers' access to capital has become obvious again, meaning the financing environment has not yet eased, Zhong added.

Manufacturers' optimism regarding future output fell to its lowest level in the series history.

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