FX.co ★ Turkey’s Manufacturing Contraction Deepens as Istanbul PMI Slips Further in January

Turkey’s manufacturing sector showed a further loss of momentum at the start of 2026, as the Istanbul Chamber of Industry Manufacturing Purchasing Managers’ Index (PMI) declined to 48.10 in January 2026 from 48.90 in December 2025.

The index remained below the 50.0 threshold that separates expansion from contraction, indicating a continued deterioration in operating conditions for Turkish manufacturers. The January reading suggests that the sector’s slowdown has slightly intensified compared with the previous month.

The latest data, updated on 02 February 2026, will likely reinforce concerns about the resilience of Turkey’s industrial base amid ongoing economic challenges, with investors and policymakers watching upcoming releases for signs of stabilization or further weakening in manufacturing activity.