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Financial News: Turkey Manufacturing Activity Shrinks Sharply In April

Turkey Manufacturing Activity Shrinks Sharply In April

05/04/2020 - 07:48:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector deteriorated at the steepest rate since the global financial crisis, driven by the impact of the coronavirus pandemic, survey data from IHS Markit showed on Monday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, fell to 33.4 in April from 48.1 in March. Any reading below 50 indicates contraction in the sector.

Output and new orders decreased at the fastest pace since the survey began in June 2005 due to shutdown of companies in April. Total business eased with the firms recording steep fall in new export orders.

Staffing level decreased for the first time in four months in April amid lack of new works. The latest fall was the sharpest for eleven years. Purchase activity also decreased in April.

The delivery times lengthened in April to the greatest extent in the survey's history.

Input costs continued to rise in April albeit at the slowest pace in three months and output prices were raised by the manufactures.

"The April PMI data provide a sobering insight into the dreadful impact the COVID-19 pandemic and associated lockdown measures had on the Turkish manufacturing sector during the month, with moderations in output and new orders worse even than those seen at the height of the global financial crisis," Andrew Harker, economics director at IHS Markit, said.

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