Turkey: Manufacturing PMI in April dips further into negative territory
May 2, 2016
The Manufacturing Purchasing Managers’ Index (PMI), elaborated by the Istanbul Chamber of Industry (ICI) and Markit, fell from March’s 49.2 to 48.9 in April. The print hit a seven-month low. As a result, the manufacturing PMI falls further below the 50-threshold that separates contraction from expansion in manufacturing conditions.
April’s print mainly reflected lower readings in output and new orders, while employment improved. ICI analysts added that, “Turkish manufacturing started Q2 on a weak footing, with the PMI showing steeper falls in both output and new orders amid worsening export demand. The latest PMI data provide a further warning sign that the official growth rate of industrial production – currently updated only to February – will begin to slow in the coming months. More positively, the PMI price indices suggest that inflationary pressures are subsiding.”