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Financial News: Turkish Manufacturing Activity Falls

Turkish Manufacturing Activity Falls

06/01/2022 - 10:43:00 (RTTNews)

(RTTNews) - Turkey's manufacturing activity contracted at a stable pace in May amid a slowdown in demand, survey results from S&P Global showed on Wednesday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index remained unchanged at 49.2 in May. Any reading below 50.0 indicates deterioration in the sector.

Output and new orders eased in May for the sixth and eighth months, respectively. New export orders decreased to the greatest extent in two years.

Staffing level increased for the twenty-four months in a row, albeit modestly. Backlogs of work increased in May.

Stocks of purchases rose for the first time in six months, while stocks of finished goods ended in a depletion for a period of eight months.

Inflationary pressure eased in May, while input costs rose sharply with the rate of inflation easing for the fifth month in a row to the softest since February last year. Output prices rose at a softer rate in May.

"There were some signs that doing business might start to get easier soon," Andrew Harker, economics director at S&P Global Market Intelligence, said.

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