The third month of 2017 brought the largest increase for the manufacturing sector since 2014, according to the Turkish National Statistics Institute. The Purchasing Managers’ Index (PMI) rose to 52.3 points last month, 2.6% higher than it was in February. The main increase surged from the higher output of manufacturing companies in Turkey. Our lawyers in Turkey can assist foreign enterprisers interested in investing in the manufacturing sector.
The manufacturing sector is one of the best performing industries in Turkey since the beginning of the year, according to the PMI which shows that in February companies operating in this segment reached 49.7 points, while in March it reached 52.3 points. The National Statistics Institute appreciates that any increase above the 50 threshold represents an overall increase of the respective industry.
The Turkish Trade Register also announced that the number of companies operating in this sector has rose considerably since last year on the background of improved economic conditions and higher export numbers registered by the automotive manufacturing segment. Production also increased at a faster rate leading to a larger number of orders last month.
You can rely on our law firm in Turkey if you want to set up a business in the automotive industry.
The rise registered by manufacturing companies in Turkey could not remain without an echo in the labor market. Higher demands and orders imposed companies to hire more personnel. This is the sixth time in which the workforce level in the manufacturing sector registered an increase during the last seven months.
Istanbul was the city reporting the highest export and employment numbers in March. This was the second time since the beginning of the year when Istanbul registered such growth. The production of fast-moving consumer goods also contributed to the increase of the manufacturing industry in Istanbul at the beginning of the year.
For full information on the most important economic sectors in Turkey, please feel free to contact us. Our attorneys in Turkey can also help register a company in this country.