Turkey: Drop in manufacturing PMI eases in July
August 1, 2016
The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and IHS Markit, rose slightly from June’s multi-year low of 47.4 to 47.6. Despite the increase, the manufacturing PMI remains well below the 50-threshold that separates contraction from expansion in manufacturing conditions.
The print reflected that the ongoing contraction in the manufacturing sector continued in July, albeit at a somewhat slower rate than in June. The pace of decline in new orders and production eased in July, while staffing levels and purchasing volumes continued to fall. As a result of a weak lira, manufacturing input prices continued to increase in July. However, output prices declined in the same month.