In March 2022, the seasonally and calendar adjusted SAMEKS Composite Index rose by 0.8 points compared to the previous month to a value of 54.3.

While the services sector index, which recorded an increase of 1.8 points compared to the previous month and rose to a value of 54.8, played a determining role in this acceleration observed in the index, the industry sector index declined by 1.8 points to a value of 52.1, yet maintained its course above the reference value of 50. In this period, the business volume relating to the services sector presented a positive picture by rising above the reference value after an interval of 5 months with the continuation of the strong course in input purchases; in the industry sector, on the other hand, the rate of increase in new orders and input purchases declined compared to the previous month and thus the production sub-index presented a negative outlook. As a result of the developments in question, the seasonally and calendar adjusted SAMEKS Composite Index, which stood at the level of 54.3, maintained its positive outlook in this period as well and pointed to the vitality of economic activity relating to the month of March.

Industry Sector SAMEKS Index

The seasonally and calendar adjusted Industry Sector SAMEKS Index declined in March 2022 by 1.8 points compared to the previous month to the level of 52.1. In this period, the decline of new orders by 3.8 points compared to the previous month to the level of 50.1 played a determining role in the loss of momentum across the sector. Under the effect of the loss of momentum in new orders, the production sub-index, which fell by 5.6 points compared to the previous month, declined to 44.8 points and presented a negative outlook. Input purchases, which fell by 7.9 points at once compared to the previous month, maintained their strong course in this period as well at 66.1 points despite the loss of momentum in question. In March, while the finished goods stock sub-index rose by 3.1 points compared to the previous month to the level of 49.0 points, the suppliers' delivery time sub-index maintained its positive outlook with an increase of 3.7 points at a level of 58.7. The employment sub-index relating to the sector, on the other hand, declined by 2.5 points in this period in parallel with the observed production loss and fell to the level of 48.3. Thus the Industry Sector SAMEKS Index declined by 1.8 points compared to the previous month to 52.1 points, yet maintained its course above the reference value of 50.

Services Sector SAMEKS Index

The seasonally and calendar adjusted Services Sector SAMEKS Index rose in March 2022 by 1.8 points compared to the previous month to the level of 54.8. In this period, input purchases relating to the sector recorded an increase of 0.6 points and rose to the level of 72.3 and maintained their strong course in this period as well. In March, the business volume sub-index in the services sector rose by 6.1 points compared to the previous month to the level of 50.1 and entered an upward trend again after an interval of 4 months. In parallel with the positive outlook in business volume, the employment sub-index recorded an increase of 3.4 points compared to the previous month and, at a level of 52.3, pointed to a recovery in labour demand across the sector. While the finished goods stock sub-index remained at 47.7 points despite recording an increase of 1.5 points compared to the previous month, the suppliers' delivery time sub-index rose by 0.3 points to the level of 52.4 and maintained its positive outlook. As a result of the developments in question, the Services Sector SAMEKS Index, which rose by 1.8 points to the level of 54.8, maintained in this period as well the positive outlook that began in January.

COMMENTARY:

The seasonally and calendar adjusted SAMEKS Composite Index, by continuing its increase in March after the months of January and February, gave positive signals for the growth rates relating to the first quarter of the year. While the fact that the business volume relating to the services sector, which last recorded an increase in October of last year, stood above the reference value of 50 again in this period drew attention as a positive development, the industry sector maintained its increase despite having lost momentum compared to the previous month. Thus SAMEKS, with an average of 52.8 points, pointed to the vibrant outlook of economic activity in the first quarter.

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