Turkey: Manufacturing PMI signals sharper deterioration in October
November 1, 2022
The ICI Manufacturing Purchasing Managers' Index (PMI) dropped to 46.4 in October from 46.9 in September. As a result, the index fell further below the neutral 50-threshold separating an overall deterioration from an improvement in business conditions compared to the prior month.
The headline deterioration was driven by a further slowdown in new orders, while output, employment and purchasing activity were scaled back. Both domestic and foreign demand eased in the month. Turning to prices, input costs and output prices rose sharply once again in the month. Currency weakness and greater prices for energy and raw materials pushed up input costs, and manufacturers passed these costs on to consumers.
Author: Jan Lammersen, Economist