Turkey PMI


Manufacturing gauge falls to 10-month low in May

The HSBC Manufacturing Purchasing Managers Index (PMI) fell from 51.1 in April to 50.1 in May, which represented the lowest level since July 2013. The PMI is now resting just a tick above the 50-threshold that separates expansion from contraction in business conditions.

According to HSBC, May’s figure reflected a deterioration in all five components of the index, with new orders and employment recording the largest drops. The survey suggests that manufacturing was almost stagnant in May. HSBC stated that slower domestic activity, “should also translate into moderating inflationary pressures. Already, in May, both the input and output price indexes retreated from their April levels.”

FocusEconomics Consensus Forecast participants expect industrial production to expand 2.7% in 2014, which is down 0.1 percentage points from last month’s forecast. Next year, the panel expects industrial output to increase 4.3%.

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Turkey PMI Chart

Turkey PMI May 2014

Note: HSBC Turkey Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: HSBC and Markit.

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