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Financial News: Turkey Manufacturing Sector Contracts Sharply In July

Turkey Manufacturing Sector Contracts Sharply In July

08/01/2022 - 08:09:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity deteriorated at the sharpest pace in more than two years in July, due to slowdowns in output and new orders amid weak demand conditions, survey results from S&P Global showed on Monday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index dropped to 46.9 in July from 48.1 in June. Any reading below 50.0 indicates contraction in the sector.

Further, the latest reading signaled the most marked slowdown in business conditions since May 2020.

Both output and new orders eased in July and to the greatest extent since the first wave of the COVID-19 pandemic, the survey said.

Manufacturers continued to add workforce numbers in July. But, the rate of job creation was only marginal and the weakest in the current 26-month sequence of rising staffing levels.

On the price front, input costs marked a further sharp increase in July, linked to currency weakness. Nevertheless, the rate of inflation was the slowest since February last year.

Similarly, output price inflation slowed further and was the weakest in almost a year-and-a-half.

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