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Turkey: turkey's manufacturing sector continued to grow last month

2014/01/05

urkey's manufacturing sector continued to grow last month despite losing momentum, while eurozone manufacturing grew at its fastest rate since mid-2011, daily Hurriyet reports quoting a survey released yesterday.

Markit's Turkey Manufacturing Purchasing Managers Index (PMI) data dropped to 53.5 in December from a 32-month high of 55 of November, signaling a slight slowdown in the increase rate. However, any reading above 50 indicates that both output and new orders are expanding. Turkey's manufacturing companies reported a further rise in production in December 2013.

Although down since November 2013, the pace of expansion was above the long-run series average. New orders as well increased at a weaker, but still solid rate, with companies reporting higher activity in the auto sector and improving market conditions. Concurrently, analysts linked increase in new export business to stabilizing conditions in Egypt and the securing of new clients.

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