Turkey PMI April 2016

Turkey

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.”

FocusEconomics Consensus Forecast participants expect industrial production to rise 3.3% in 2016, which is up 0.1 percentage points from last month’s estimate. The panel sees industrial output increasing 3.6% in 2017.


Author: Ricard Torné, Lead Economist

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Turkey PMI April 2016

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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