Turkey PMI

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Turkey: Manufacturing PMI falls in August

September 3, 2015

The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry and Markit, decreased from 50.1 in July to 49.3 in August, falling into contractionary territory. As a result, the PMI now lies below the 50-threshold that separates contraction from expansion in manufacturing conditions.

August’s fall mainly reflected a deterioration in new orders while output remained unchanged. In addition, employment fell for the second time since June 2009. Moreover, a relatively weak lira led input price inflation to rise significantly in August and hit a year-and-a-half high. Markit analysts added that, “having shown signs of stabilisation in July, the Turkish manufacturing sector slipped back into contraction in August. Domestic markets drove the overall decline in new orders during the month, as exports received a boost from the weak lira. That said, new export business rose only marginally.“

FocusEconomics Consensus Forecast participants expect industrial production to expand 3.4% in 2015, which is down 0.1 percentage points from last month’s forecast. Next year, the panel expects industrial output to increase 4.4%.


Author: Angela Bouzanis, Senior Economist

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Turkey PMI August 2015

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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