FX.co ★ Turkey Manufacturing Downturn Softest Since 2024

The Istanbul Chamber of Industry Türkiye Manufacturing PMI rose to 49.3 in February 2026 from 48.1 in January, indicating an almost stable manufacturing sector and the mildest contraction since April 2024. New orders declined only slightly, representing one of the smallest drops since the current downturn began in mid-2023, amid signs of improving demand. Output decreased for the twenty-third consecutive month, but at the slowest rate in more than a year. Employment also fell for the fifteenth month in a row, though the pace of job cuts eased compared with January. Purchasing activity was broadly unchanged, while declines in stocks of purchases moderated. On the price front, inflationary pressures strengthened: input costs increased at the fastest rate in nearly two years, driven by higher raw material prices and recent minimum wage hikes. In turn, output price inflation accelerated to its highest level since April 2024.