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Turkey PMI August 2023

Turkey: Manufacturing PMI records worst reading since December 2022 in August

The Istanbul Chamber of Industry Manufacturing Purchasing Managers’ Index (PMI) came in at 49.0 in August, down from July’s 49.9. August’s result marked the worst performance 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.

August’s fall was caused by weakening demand amid persistent price pressures. In particular, input costs continued to rise sharply due to lira weakness and rising wages, which translated into another increase in output charges. Against this backdrop, new orders declined at a faster rate, leading firms to scale back both its output and its purchasing activity. More positively, employment levels rose for the fourth consecutive month.

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