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Financial News: Turkey Manufacturing Sector Contraction Continues In Augus

Turkey Manufacturing Sector Contraction Continues In August

09/01/2022 - 10:36:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity continued its deteriorating trend in August amid a sharp fall in new orders, survey results from S&P Global showed on Thursday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index climbed to 47.4 in August from 46.9 in July. However, a reading below 50.0 indicates contraction in the sector.

New orders fell at the steepest pace since May 2020, linked to lack of demand, price rises and weakness in the global economy.

Output also contracted in August against the backdrop of challenging market conditions and high prices. Nonetheless, the pace of decline was slower than in July.

At the same time, goods producers raised their workforce numbers further in August, with the rate of job creation picking up to a three-month high.

On the price front, both input and output price inflation moderated to 31- and 18-month lows, respectively, in August.

The overall price inflation mainly came from increased costs for raw materials, transportation, and energy, a rise in the minimum wage, and currency weakness.

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