The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 46.4 points in August this year, down from July’s 49.0 points. Any figure greater than 50 indicates an overall improvement of the sector.
Output and new orders eased due to the exchange rate weakness, but record increases were seen in both input costs and output prices. Slowdowns in output and new orders had an impact on the August results. Both decelerated at more marked rates than in July amid challenging demand conditions. New export orders showed an increase in August for the second month in a row.
“Events in currency markets impacted heavily on the Turkish manufacturing sector during August, causing a pick-up in inflationary pressures and a challenging demand environment. Meanwhile, new export orders rose for the second successive month in August, which is the key positive development revealed by the survey results,” said Andrew Harker, associate director at IHS Markit.