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Financial News: Turkish Manufacturing Sector Deteriorates In May

Turkish Manufacturing Sector Deteriorates In May

06/01/2021 - 08:08:00 (RTTNews)

(RTTNews) - Turkey's manufacturing sector contracted in May, mainly due to the latest Covid-19 lockdown, survey results from IHS Markit showed on Tuesday.

The headline Istanbul Chamber of Industry Turkey manufacturing Purchasing Managers' Index fell to 49.3 in May from 50.4 in April. Any reading below 50.0 indicates contraction in the sector.

Output and new orders increased at a softer pace in May. New export orders eased, ending a four-month sequence of growth.

The number of workforce rose through the second quarter. Suppliers' delivery times lengthened in May.

Input prices rose sharply in May and selling prices increased.

"Firms will be hoping that the lockdown had the desired effect in bringing infections under control, and that a swift return to growth will be seen now that measures have started to ease," Andrew Harker, economics director at IHS Markit, said.

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