Turkey’s manufacturing coincidence index declined to 102 in September 2026 from 102.8 in August, reaching its lowest level since April. The drop reflected softer production and export expectations: projected output for the next three months fell to 115.6 from 121.1, while expected export orders for the same period decreased to 111.9 from 118.3. Expectations for fixed investment expenditure also moderated, easing to 104.9 from 105.5, and total orders over the past three months slipped slightly to 104.2 from 104.4.
In contrast, firms reported an improvement in some current conditions. Current orders rose to 87.8 from 84.8, and employment expectations strengthened to 104.4 from 103.3. Inventories of finished goods declined to 96.9 from 98.1, pointing to lower stock levels. At the same time, expectations for the general business situation improved, with the corresponding indicator rising to 90.4 from 86.7.
