Turkish manufacturing sector contracts further in July, PMI shows
The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index (PMI), fell to 45.9 in July from 46.7 in June, marking the third consecutive monthly decline and the most pronounced moderation since October 2024.
PMI readings above 50.0 indicate growth in activity, while those below point to a contraction. Business conditions have now eased for 16 consecutive months, underscoring persistent challenges in the sector.
A key theme of the latest survey was subdued customer demand and in turn new orders easing the most since March, the survey showed, while international demand also remained weak.
Consequently, manufacturers scaled back production while employment and purchasing activity were reduced, and efforts were made to limit inventory holdings, the panel showed.
Stocks of purchases eased to the largest degree since October 2024, while stocks of finished goods were markedly depleted following a slight rise in June.
Currency weakness continued to drive sharp increases in input costs while selling prices rose at a slightly faster pace than in June.
"There was little in the way of positive news from the latest Turkey manufacturing PMI as the challenges for firms in securing new orders percolated through the sector," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
"Manufacturers will be hoping to see some pick-up in demand conditions as the second half of the year progresses."
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