Light at the end of the tunnel is seen in the data gathered for the February edition of the Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Manufacturers’ Index (PMI).

The headline PMI posted 49.3 in February, up from 48.1 in January (any figure below 50.0 signals a deterioration) and signalling only a marginal monthly softening of business conditions

Andrew Harker, economics director at PMI survey compiler S&P Global Market Intelligence, said: “Although the latest manufacturing PMI data for Türkiye continued to signal moderating business conditions in the sector, there are definite reasons for optimism in the latest figures.

“New orders neared stabilisation, with a number of firms pointing to signs of improving customer demand. In turn, output slowed to a lesser extent, suggesting that we will see an upturn in official data in the coming months.

“Inflationary pressures are an increasing headwind for firms, however, with costs rising at the fastest pace in almost two years in February, sounding a note of caution amid a generally more optimistic picture.”

The easing in the health of Turkey’s manufacturing sector was the weakest since April 2024, when the current period of moderation began, said S&P.