Turkey Manufacturing Sector Contracts Further
Turkey’s manufacturing activity continued to deteriorate at the end of the second quarter, survey figures from IHS Markit and Istanbul Chamber of Industry showed Monday.
The headline manufacturing Purchasing Managers’ Index rose to 46.8 in June from 46.4 in May. However, any reading below 50 suggests contraction in the sector.
«The overall decline reflected further, albeit more moderate, slowdowns in new orders and output,» Gabriella Dickens, Economist at IHS Markit, said.
On the price front, inflationary pressures remained elevated due to developments in the exchange rate.