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According to Turkey's Exporters' Assembly (TIM) data, exports rose by 5.6% y/y in January. This indicated some acceleration since December. In December TIM exports declined by 1.4% y/y. Note that TIM only provides preliminary export figures and differs from official TURKSTAT data by not including the gold trade in its database. Another positive signal regarding economic activity came from the Turkish PMI, which advanced for the fifth consecutive month in a row to 54 in January from December's 53.1. The output index and new orders all improved and helped carry the headline PMI to a 22- month high. Note, however, that so far in January the signals have been mixed. Recall that the CBT's Real Sector Confidence Index dropped to 104.7 in January from December's 107.5 in seasonally adjusted terms.
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