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.”