Turkish factory activity contracted for the 10th month running in December but showed some signs of improvement from previous months as output and new orders fell more slowly, a survey showed on Monday.
The Purchasing Managers' Index for manufacturing stood at 48.1 in December, up from 45.7 in November, the Istanbul Chamber of Industry and S&P Global said.
Improvement was evident in demand, while there were some reports of inflationary pressures continuing to weigh, the panel of contributors said, adding that global market weakness had led to new export orders moderating more than total new business. "While demand remains fragile, particularly internationally, cost pressures are not as extreme as earlier in 2022 and supply-chain conditions are improving, hopefully providing a tailwind to the sector heading into 2023."
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