Istanbul Chamber of Industry Manufacturing PMI in Turkey

The Türkiye Manufacturing PMI (compiled by S&P Global with the Istanbul Chamber of Industry, ICI) is a diffusion index based on a monthly survey of purchasing managers in Turkish manufacturing. A reading above 50 signals expansion from the previous month; below 50, contraction.

A weighted composite of five sub-indices: New Orders (30%), Output (25%), Employment (20%), Suppliers' Delivery Times (15%) and Stocks of Purchases (10%), seasonally adjusted.

It is an early monthly read on Türkiye's industrial pulse, closely watched amid high inflation and lira (TRY) volatility. A PMI above 50 points to expanding activity, though markets read it alongside the output-price component, which is key given the inflationary backdrop.

It is a qualitative survey: it measures the direction of change, not its magnitude. In a high-inflation environment interpretation is trickier, as rising orders may reflect price increases rather than higher volumes; the seasonal adjustment factors are revised periodically.