The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 46.8 points in June this year, up from May’s 46.4 points. Any figure greater than 50 indicates an overall improvement of the sector.
The latest reading signalled a further deterioration in the health of the Turkish manufacturing sector at the end of the second quarter, despite rising from May levels. This situation stemmed from the slowdown in new business, a subsequent slow down in production and reductions in new orders from both domestic and foreign sources.
“Challenging business conditions continued in the Turkish manufacturing sector at the end of the second quarter, according to the latest PMI data. The overall decline reflected further, albeit more moderate, slowdowns in new orders and output. Inflationary pressures remained elevated due to developments in the exchange rate,” stated Gabriella Dickens, economist at IHS Markit.