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Financial News: Turkey Manufacturing Contraction Deepens In October

Turkey Manufacturing Contraction Deepens In October

11/01/2022 - 05:19:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity logged the worst contraction in nearly two-and-a-half years in October due to weakening demand amid challenging market conditions, survey results from S&P Global showed on Tuesday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index dropped to 46.4 in October from 46.9 in September. Any reading below 50.0 indicates contraction in the sector.

Further, the index has now remained in contraction territory for the eighth successive month in October, and the latest slowdown was the most pronounced since May 2020.

The fall in new orders continued in October due to lack of demand. Similarly, new export orders also logged a sharp slowdown.

As a result, firms reduced their purchasing activity and employment.

Due to the slowdown in input buying, delivery times were shortened as there were fewer pressures on supply chains.

Input and output price inflation remained elevated in October, though the rate of inflation eased in both cases.

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