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Financial News: Turkey Manufacturing PMI Expands In June

Turkey Manufacturing PMI Expands In June

07/01/2021 - 07:38:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector expanded in June, mainly due to the loosening of Covid-19 restrictions, survey results from IHS Markit showed on Thursday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index fell to 51.3 in June from 49.3 in May. Any reading below 50.0 indicates contraction in the sector.

Output and new orders increased in June as Covid-19 restrictions eased. New business from abroad expanded at a faster pace since January.

Suppliers' delivery time lengthened in June and stocks of finished goods declined. Employment rose for the thirteenth straight month.

Input cost inflation quickened to the highest in six months in June and selling prices increased at the fastest pace since September 2018.

"With COVID-19 cases having fallen sharply and restrictions easing, Turkish manufacturers were able to record a return to growth in June, and will be hoping that the upward trends continue in the months to come," Andrew Harker, economics director at IHS Markit, said.

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