01.03.201902:38:00UTC+00Turkish Manufacturing PMI At 6-month High

Turkey's manufacturing activity was the strongest in six months in January, amid a slower decline in output and a rebound in new export orders as well as softer reduction in employment, survey data from IHS Markit showed Friday.

The Istanbul Chamber of Industry Turkey Manufacturing Purchasing Managers' Index rose to a six-month high of 46.4 from 44.2 in January. A reading below 50 suggests contraction in activity.

The Turkish manufacturing sector has now shrunk for 11 consecutive months.

The pace of decline in total new orders slowed for fifth straight month. Input cost inflation accelerated on the back of currency weakness, and firms raised their prices marginally.

"With the moderation in total new business continuing to soften, the sector appears to be moving closer to recovery," IHS Markit Associate Director Andrew Harker said.