Turkey PMI June 2016

Turkey

Turkey: Manufacturing PMI dips to a seven-year low in June

July 1, 2016

The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and Markit, tumbled from May’s 49.4 to 47.4. As a result, the manufacturing PMI, which marked the lowest reading since April 2009, remains below the 50-threshold that separates contraction from expansion in manufacturing conditions.

June’s print reflected steeper contractions in new orders, production and stocks of purchases, while employment stagnated. The only positive exception was the suppliers’ delivery times’ category, which improved in June. ICI analysts added that, “the recent weakness seen in the PMI has been borne out by the latest official industrial output data, which saw the annual rate of growth slow to just 0.7% yr/yr in April.”

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.4% in 2016, which is up 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.5% in 2017.


Author: Ricard Torné, Head of Economic Research

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Turkey PMI June 2016

Note: Istanbul Chamber of Industry 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: Istanbul Chamber of Industry and Markit.


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