In July, Turkey’s manufacturing sector grew at a robust pace, signaling a strengthening recovery after the downfall between March and May due to the coronavirus pandemic.
A survey held in a collaboration with the Istanbul Chamber of Industry showed that in July, the Manufacturing Purchasing Managers’ Index (PMI) soared to the highest level since February 2011 at 56.9, up from June 53.9.
Both output and new orders showed significant expansions as the coronavirus-related restrictions were eased. New orders reached the quickest increasing pace since the survey started in June 2005. Both employment and purchasing activity, in turn, rose as production rates got higher.
Looking forward, an analyst commented that the growth could help alleviate the impact of the downturn in the Turkish economy. However, a full recovery would require the growth to be sustained for a longer period.
Turkey's Treasury and Finance Minister Berat Albayrak said that the PMI reading was a historic milestone that boosted the positive estimates for the second half of 2020.
