Turkey’s Purchasing Managers Index (PMI), a survey of manufacturing sector managers on productivity, stood at 45.3 in May, marking the 14th consecutive month with a score that points to a downward trend for the sector, the Diken news website reported.
Carried out on behalf of the İstanbul Chamber of Industry by the London-based HIS Markit Ltd, the polling data showed that the difficulties facing Turkish manufacturers still persist.
The loss in the lira’s value against foreign currencies led to a sharp increase in input and out-of-factory costs, causing turbulence in demand.
The sub-index of new orders as a result went down to 41.3, its lowest score since December 2018.
The survey also observed a drop in export-related sub-indices that the interviewees mainly attributed to a weakened demand from European clients.
The PMI is a monthly survey based on questionnaires conducted with purchasing managers of companies from all manufacturing sectors with the aim of presenting an outlook of a country’s performance in productivity.
Any score below the threshold of stability of 50 is indicative of declining performance, while points above it are considered signs of improvement.
Source: Turkish Minute
