FX.co ★ Turkey Manufacturing Downturn Softens

In November 2025, the Istanbul Chamber of Industry's Türkiye Manufacturing PMI showed an improvement, climbing to 48 from October's 46.5. This still marks the 20th month of contraction for the sector, but represents the mildest decrease since February. Although new orders decreased due to continued low demand, the rate of decline was the slowest observed since August, leading to a less significant reduction in output. Employment levels were only slightly reduced and at the slowest rate since March. However, purchasing activity saw a notable reduction, with more pronounced declines in inventories of both purchases and completed goods. On the supply side, delivery times from suppliers marginally increased following a slight improvement in October. Regarding pricing, input costs rose at their slowest rate in almost a year, while selling prices increased at the slowest pace thus far in the year.