Financial News: Turkey Manufacturing Sector Contraction Slows In May

Turkey Manufacturing Sector Contraction Slows In May

06/01/2020 - 06:57:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector contracted in May amid coronavirus pandemic, but the pace of decline slowed from April, survey data from IHS Markit showed on Monday.

The Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index, or PMI, rose to 40.9 in May from 33.4 in April. Any reading below 50 indicates contraction in the sector. Output and new orders continued to report sharp slowdown as Covid-19 pandemic disrupted business and hamper demand. Employment decreased for the second straight month, albeit at a softer pace.

Stock of finished goods was lowered in May, and lack of new orders led firms to moderate their purchasing activity. Suppliers' delivery time lengthened sharply in May.

Weakness of the Turkish currency against the US dollar led to a sharp and accelerated increase in input costs. The rate of inflation was the fastest in a year and manufactures raised their selling prices.

"The Turkish manufacturing sector continued to be buffeted by the effects of the COVID-19 pandemic in May, according to the latest PMI data, preventing a swift rebound following a sharp slowdown in April," Andrew Harker, economics director at IHS Markit, said.

"As long as the virus continues to be brought under control, therefore, the move back to growth should follow in the months ahead," Harker added

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Japan Has Y1,176.8 Billion Current Account Surplus (54 min(s), 19 sec(s) ago)
(RTTNews) - Japan posted a current account surplus of 1,176.8 billion yen in May, the Ministry of ...Full Story»

Japan Overall Bank Lending Jumps 6.2% On Year In June (44 min(s), 19 sec(s) ago)
(RTTNews) - The total value of overall bank lending in Japan was up 6.2 percent on year in June, t ...Full Story»

Japan Eco Watchers Survey Due On Wednesday (39 min(s), 19 sec(s) ago)
(RTTNews) - Japan will on Wednesday see June results for the eco watchers survey, highlighting a l ...Full Story»

EU Sees Deeper Recession On Severe Impact From Covid-19 (49 min(s), 19 sec(s) ago)
(RTTNews) - Eurozone is set to undergo an even deeper recession due to the coronavirus pandemic de ...Full Story»

Norway Industrial Production Growth Slows In May (37 min(s), 19 sec(s) ago)
(RTTNews) - Norway's industrial production grew at a softer pace in May, figures from Statisti ...Full Story»

Japan Leading Index Rises In May (20 min(s), 19 sec(s) ago)
(RTTNews) - The Japan leading index increased in May, data from the Cabinet Office showed on Tuesd ...Full Story»

Denmark Industrial Production Falls Further (56 min(s), 19 sec(s) ago)
(RTTNews) - Denmark's industrial production declined at a softer pace in May due to the Covid- ...Full Story»

Czech Industrial Production Continues To Fall In May (22 min(s), 19 sec(s) ago)
(RTTNews) - The Czech Republic's industrial production decreased further in May, data from the ...Full Story»