Turkey Aug. manufacturing PMI rises to 47.3 vs 45.9 in July

Turkey Aug. manufacturing PMI rises to 47.3 vs 45.9 in July

Turkey's economic morale improved significantly in August, according to recent data released by the Turkish Statistical Institute (TurkStat). The economic confidence index rose by 1.7% to 97.9 points, marking a five-month high and indicating a rebound from July's 0.4% monthly decline [1]. This improvement was driven by a strong performance in the real sector, where the manufacturing industry's confidence index rose by 1.7% to 100.6 points. The services confidence index also increased by 1.1% to 111.1 points, reflecting a robust recovery in the sector.

The consumer confidence index, which measures the sentiment of consumers, increased by 0.9% to 84.3 points, while the retail trade confidence index rose by 0.8% to 108.8 points. However, the construction confidence index dropped by 4% to 85.3 points, suggesting a cautious approach in the sector.

Separately, Turkey's manufacturing PMI (Purchasing Managers' Index) rose to 47.3 in August, up from 45.9 in July, according to the data from the Turkish Statistical Institute. This indicates a slight improvement in manufacturing activity, with the index moving closer to the neutral threshold of 50 points [2].

Overall, the data suggests a mixed picture for the Turkish economy. While there is optimism in the manufacturing and services sectors, the construction sector remains cautious. Investors and financial professionals should closely monitor these indicators as they provide valuable insights into the overall economic health of the country.

References:
[1] https://www.dailysabah.com/business/economy/turkiyes-economic-morale-improves-in-august-to-hit-5-month-high
[2] https://www.dailysabah.com/business/economy/turkiyes-economic-morale-improves-in-august-to-hit-5-month-high