ISTANBUL, March 1 (Reuters) – A business survey released on Wednesday revealed that Turkish manufacturing activity increased very marginally in February despite the sector being severely affected by the large earthquakes and some businesses suspending operations as a result of the slowdown in output and orders.
According to the Istanbul Chamber of Industry and S&P Global, Turkey’s manufacturing Purchasing Managers’ Index (PMI) remained above the 50-point threshold that distinguishes expansion from contraction last month and was unchanged from January at 50.1.
The panel reported that due to challenges with component sourcing and delivery brought on by the earthquake, supplier lead times increased to their highest level in ten months.
Output and new orders moderated due to the earthquake that killed 44,000 in the country, the panel said adding that suspended production lines and difficulties sourcing items led manufacturers to scale back their purchasing activity.
The poll found that as a result of rising wages and input prices as well as weaker currencies, output prices also increased.
According to Andrew Harker, economics director at S&P Global Market Intelligence, “the devastating earthquake in February had an impact on the Turkish manufacturing sector during the month, with supply networks and production lines affected in particular.”
“Hopefully, in the months to come, we will see signs of recovery in the impacted areas and throughout the sector as a whole.”
