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Turkey PMI October 2023

Turkey: Manufacturing PMI falls in October

The Istanbul Chamber of Industry Manufacturing Purchasing Managers’ Index (PMI) fell to 48.4 in October from September’s 49.6. October’s result marked the worst reading since December 2022. Consequently, the index fell further below the 50.0 no-change threshold, signaling a sharper deterioration in manufacturing sector operating conditions compared to the previous month.

Sustained demand weakness at home and abroad was the main culprit of September’s fall. New orders and new export business softened in the month, which translated into a decline in purchasing activity and the fourth consecutive contraction in output. Moreover, firms reduced their headcounts for the first time in five months.

On the price front, both input cost and output charge inflation eased for the third consecutive month.

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