Istanbul Chamber of Industry Manufacturing PMI: February Print Shows Slower Contraction

The Istanbul Chamber of Industry Manufacturing PMI for Turkey climbed to 49.3 in February 2026, up from 48.1 in January. This marks the strongest reading since December 2023, though the index remains below the 50.0 mark that separates expansion from contraction. The latest data signals a slower pace of decline in manufacturing activity, with improvements in both output and new orders. However, the sector continues to face challenges from subdued export demand and persistent input cost pressures.^[1]

Table of Contents

• Big-Picture Snapshot
• Foundational Indicators
• Chart Dynamics
• Forward Outlook
• Closing Thoughts

Chart Dynamics

February’s PMI print of 49.3 compares to January’s 48.1 and a 12-month average of 47.7. The index has now risen for two consecutive months, reversing a downward trend seen from August to November 2025, when the PMI bottomed at 45.9. December 2025 marked the first uptick, with a reading of 48.0, followed by further gains in January and February. The last time the index was above 50.0 was in May 2025, when it stood at 50.2.

The improvement since November’s low reflects gradual normalization in supply chains and a modest rebound in domestic demand, though external orders remain subdued.

What This Chart Tells Us: The PMI’s steady climb since late 2025 signals easing contraction in Turkish manufacturing. While the index remains below the expansion threshold, the upward trajectory points to stabilizing conditions. The recovery is fragile, with risks tied to global demand and cost inflation.

Key Markets Reacting to Istanbul Chamber of Industry Manufacturing PMI

The Istanbul Chamber of Industry Manufacturing PMI is closely watched by investors in Turkish equities, currency, and global emerging market funds. The following symbols have shown sensitivity to PMI releases, reflecting shifts in sentiment and capital flows:

• AKBNK – Major Turkish bank, often moves on domestic economic data.
• THYAO – Turkish Airlines, sensitive to macroeconomic trends and industrial activity.
• USDTRY – The Turkish lira’s exchange rate versus the US dollar, a key barometer of investor confidence.
• BTCUSD – Bitcoin, used by some Turkish investors as a hedge during periods of lira volatility.

FAQ

What is the Istanbul Chamber of Industry Manufacturing PMI?

The Istanbul Chamber of Industry Manufacturing PMI is a monthly gauge of manufacturing sector activity in Turkey, based on surveys of purchasing managers.

What does the February 2026 PMI reading indicate?

The February 2026 PMI rose to 49.3, signaling a slower pace of contraction in Turkish manufacturing compared to January’s 48.1.

Why is the Istanbul Chamber of Industry Manufacturing PMI important?

It provides timely insight into Turkey’s industrial health and is closely watched by investors, policymakers, and businesses for economic signals.

Takeaway: February’s PMI signals easing contraction, but Turkish manufacturing remains below the expansion threshold.

Updated 3/2/26

This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.

1. Istanbul Chamber of Industry, Manufacturing PMI press release, March 2, 2026
2. Sigmanomics Economic Data Database, accessed March 2, 2026