ISTANBUL, May 2 (Reuters) - Growth in new orders and
output helped Turkish factory activity expand at a faster pace
in April, as the sector continued its recovery in the wake of
massive earthquakes in early February.
The Purchasing Managers' Index (PMI) for manufacturing rose
to 51.5 last month from 50.9 in March, staying above the
50-point line that separates expansion from contraction, the
Istanbul Chamber of Industry and S&P Global said.
Stronger demand led to an increase in new orders and output,
the panel said, with some respondents indicating rising
workloads amid the rebound from the Feb. 6 earthquakes.
"The recovery in the Turkish manufacturing sector gathered
momentum in April, with gains in new orders and output
solidifying and prompting a renewed increase in purchasing
activity," said Andrew Harker, Economics Director at IHS Markit.
Backlogs of work increased for the first time in 14 months
due to a combination of higher new orders and disruption from
the earthquake, S&P Global said.
Supply chains were still disrupted after the earthquakes as
firms reported difficulties in obtaining materials, the survey
showed, with delays preventing a rise in stocks of purchases.
Although some firms took on staff, the number of retirements
due to a new law kept employment levels broadly unchanged in the
manufacturing sector, the panel said.
Lira weakness and high material costs caused input prices to
rise sharply and manufacturers increased their output prices as
well, albeit at the softest rate since August 2022, the panel
said.
(Reporting by Ezgi Erkoyun; Editing by Hugh Lawson)
Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))
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