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Financial News: Turkey's Manufacturing Sector Deteriorates Further

Turkey's Manufacturing Sector Deteriorates Further

08/01/2018 - 08:06:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity contracted for the fourth successive month in July, survey figures from IHS Markit and Istanbul Chamber of Industry showed Wednesday.

The headline manufacturing Purchasing Managers' Index rose to 49.0 in July from 46.8 in June. However, any reading below 50 suggests contraction in the sector.

Moreover, this was the weakest rate observed across the current four-month slowdown.

Output and new orders continued to fall in July, while new export orders rose for the first time in three months and manufacturers raised their staffing levels.

On the price front, input price inflation remained sharp in July amid higher raw material costs and the weak currency. Consequently, output price inflation sharpened to a 12-year high.

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