Turkey: Manufacturing PMI drops in August
September 1, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, decreased slightly from July’s 47.6 to a multi-year low of 47.0. This brings the manufacturing PMI further below the 50-threshold that separates contraction from expansion in manufacturing conditions.
The deterioration in August was the result of a decrease in production and new orders. This was partly offset by higher employment in the manufacturing sector and longer suppliers’ delivery times. Moreover, new export businesses increased for the first time this year in August.
Author: Dirina Mançellari, Senior Economist