Turkish manufacturing activity expands in December - PMI - Reuters

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An aerial view of the city and Suleymaniye Mosque during the outbreak of the coronavirus disease (COVID-19), in Istanbul, Turkey, March 30, 2020. REUTERS/Umit Bektas

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ISTANBUL, Jan 3 (Reuters) - Turkish factory activity grew in December as firms hired more staff to expand their capacity despite a slowdown in actual output and new orders amid lira swings, a survey showed on Monday.

The Purchasing Managers' Index (PMI) for manufacturing ticked up to 52.1 in December from 52.0 a month earlier, data from the Istanbul Chamber of Industry and IHS Markit showed, holding comfortably above the 50.0 mark that denotes growth.

The pace of job creation was the fastest since August.

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Lira depreciation pushed input costs up at the fastest rate on survey records going back to 2005, the panel said, and in turn manufacturers raised output prices, deterring customers.

Total new orders moderated for the third month running despite an expansion in export orders, the survey showed, while production slowed following a slight rise the previous month due to price pressures.

Widespread difficulties in sourcing inputs caused longer supplier delivery times, while volatility in exchange rates and transportation issues exacerbated these problems.

"Cost pressures hampered operations across the Turkish manufacturing sector in December. Record rises in input costs and selling prices deterred customers from committing to new orders," said Andrew Harker, economics director at IHS Markit.

"Alongside the potential issues caused by the emergence of the Omicron variant of the COVID-19 pandemic, the sector begins 2022 in a challenging position."

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Reporting by Ezgi Erkoyun; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

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