The Turkey PMI™ Manufacturing Index, issued by Istanbul Chamber of Industry and Markit, was at 45.3 points in May this year, indicating that the depreciation in the Turkish lira affected the manufacturing sector during the month. Any figure greater than 50 indicates an overall improvement of the sector.
Commenting on the Istanbul Chamber of Industry Turkey Manufacturing PMI survey data, Andrew Harker, Associate Director, IHS Markit, said: “The impact of currency depreciation on manufacturers continued in May. The slowdown in new orders since the beginning of the year somewhat postponed the expectations of a recovery that arose during the first quarter.”