Financial News: Turkish Manufacturing Activity Remains In Contraction

Turkish Manufacturing Activity Remains In Contraction

11/01/2024 - 08:33:00 (RTTNews)

(RTTNews) - The manufacturing activity in Turkey continued to deteriorate in October, although rates of moderation in output and new orders, survey results from S&P Global showed on Friday.

The headline Istanbul Chamber of Industry Turkey Manufacturing Purchasing Managers' Index rose to 45.8 in October from 44.3 in September. However, any reading below 50.0 indicates contraction in the sector.

The Turkish factory activity remained under pressure due to challenging demand conditions, the survey said.

Among components, output, new orders, purchasing activity, and employment all declined further, though at slower rates.

On the price front, input prices rose sharply in October, but at the slowest pace in nearly a year and a half. Overall input price inflation was driven by currency weakness along with higher raw material costs. The pace of output price inflation also eased.

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