Turkey Manufacturing Downturn Intensifies In September
By RTTNews Staff Writer ✉ | Published:
Turkey’s manufacturing activity logged a more marked slowdown in September, as output, new orders, and purchases all continued to fall, survey results from S&P Global showed on Monday.
The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers’ Index dropped to 46.9 in September from 47.4 in August. Any reading below 50.0 indicates contraction in the sector.
The falling trend in both new orders and output was attributed to fragile demand conditions and inflationary pressures. New export orders fell as well, with Europe identified as a source of weakness.
Input price inflation quickened from August, linked to higher energy prices, specifically natural gas and electricity. Rising raw material costs and currency weakness also acted to push up input prices.
Employment was reduced for the first time in twenty-eight months in September, due to both softer workloads and voluntary resignations.
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