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Turkey PMI June 2022

Turkey: Manufacturing PMI signals greater deterioration in June

The ICI Manufacturing Purchasing Managers’ Index (PMI) dropped from 49.2 in May to 48.1 in June. The index consequently moved further below the neutral 50-threshold to signal a stronger deterioration in business conditions compared to the prior month.

The headline drop was driven by weaker demand dynamics, as output and new orders moderated at a sharper rate than in the previous month. Consequently, purchasing activity was reduced. Elevated inflation due to costlier raw materials and a weakened currency provided further drags. As such, output price inflation rose sharply despite easing to the greatest extent since September 2021. More positively, employment continued to increase.

Andrew Harker, economics director at S&P Global, commented:

“Turkish manufacturers are facing a challenging market environment at present […]. The months ahead seem likely to continue to prove challenging for firms.”

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