Turkey: Manufacturing PMI rises slightly in April
May 4, 2015
The HSBC Manufacturing Purchasing Managers’ Index (PMI) inched up from 48.0 in March to 48.5 in April. As a result, the PMI now lies slightly closer to the 50-threshold that separates expansion from contraction in manufacturing conditions. March’s result had marked an almost six-year low.
April’s rise reflected decreases in three of five components of the index. Both new orders and output fell for the fourth consecutive month. However, the pace of decrease in new orders eased slightly in April. In contrast, new export orders contracted at the sharpest pace in six years, despite a weak lira. Employment, a bright spot in the survey, rose in April, after being broadly unchanged in March. HSBC analysts pointed out that, “[t]he latest PMI data signal an entrenched downturn in the Turkish manufacturing sector with output, new orders and exports all falling for the fourth consecutive month.”