Turkey PMI May 2022


Turkey: Manufacturing PMI stabilizes, remaining in contractionary territory in May

June 1, 2022

The ICI Manufacturing Purchasing Managers' Index (PMI) was stable at April’s 49.2 in May. As a result, the index remained below the 50.0 no-change threshold, signaling a deterioration in business conditions compared to the previous month.

The print was driven by still-muted demand dynamics offsetting easing supply-chain issues and inflationary pressures. Growth in output and new orders both fell in the month, but tentative signs of a rebound appeared: The pace of their moderations slowed. On the other hand, new export orders slowed to a two-year low. A loss of economic momentum in Europe was unable to offset the impact of a weaker Turkish lira, making exports more competitive. Even so, staff levels rose for the 24th month running in a bid to increase productive capacity. Backlogs of work were consequently reduced. Looking at prices, the rate of input price inflation moderated to an over one-year low despite a sharp increase in material prices and exchange rate volatility. Output prices rose at a softer pace than in the month prior.

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

“There were some signs that doing business might start to get easier soon. In particular, supply chain constraints were the least pronounced since September 2020.”

FocusEconomics Consensus Forecast participants see fixed investment contracting 2.9% in 2022, which is unchanged from last month’s forecast, and growing 2.4% in 2023.


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Turkey PMI Chart

Turkey PMI May 2022

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 S&P Global.

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