Turkish factory activity continued to grow in March with an increase in both new orders and production, despite the ongoing repercussions of the devastating earthquakes that struck the country in February.
According to the Istanbul Chamber of Industry and S&P Global, the manufacturing Purchasing Managers' Index rose to 50.9 last month from 50.1 in February, remaining above the 50-point threshold that separates growth from contraction.
The index survey indicated that new orders returned to growth for the first time in a year and a half, with strong growth in business activities over the month and a surge in export orders.
The survey committee noted that despite the rise in production demands, employment declined for the first time in five months, due to reasons including the new early retirement law.
Additionally, input costs and production prices rose sharply last month due to climbing raw material costs, currency depreciation, and wage increases. At times, reconstruction efforts contributed to supporting production.
